Growth in the services sector ground to a halt for the first time in 18 months in September, increasing fears that the economy is on the brink of a recession.
The Purchasing Managers’ Index for September fell to 50 from 50.9 in August and is at its lowest since the economy was in lockdown in February 2021, according to S&P Global, which compiled the survey.
However, September’s reading is better than an initial estimate of 49.2, which would have indicated contraction.
