According to the IHS Markit, business activity in the UK economy declined for the second month in a row in December, with the recession being the sharpest since July 2016. The Purchasing Managers Index (PMI) fell from the November level of 49.3 to 48.5 points in December, which became a minimum of 41 months. The service sector PMI in December fell from 49.3 to 49 points, having reached its lowest level in nine months. UK manufacturing PMI fell from 48.9 to 47.4 points, which also became the lowest indicator in four months. Experts link the decline in activity with domestic political uncertainty, lack of clarity regarding Brexit and the situation in the global economy.
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