Why June's gloomy CIPs data is stoking fears of a 'w-shaped' recession

You’d be forgiven for thinking that the latest CIPs/Markit Purchasing Managers’ Index (PMI) would provide a better read than June’s figures. After seeing the rate of contraction ease consecutively for four months, the PMI took a turn for the worse fuelling speculation of a ‘w-shaped’ recession.

Coming in with a reading of 44.5, the Purchasing Managers Index was down slightly from May’s thirteen-month high of 45.9 as the UK construction sector goes into its sixteenth month of decline.

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