Second Covid wave hitting UK economic recovery, data shows.
An empty bar in Cardiff, Wales, earlier this week. Hospitality and transport companies are struggling to cope with regional lockdown measures. Photograph: Matthew Horwood/Getty Images
The economic recovery from the first wave of the Covid-19 pandemic began to flatten out this month in the UK and threatened to reverse and trigger a double-dip recession in the eurozone after new restrictions to tackle the second wave squeezed business activity.
As the UK government moved to bolster its business support schemes, a closely watched survey of business activity showed private sector growth in the UK falling back as hospitality and transport companies struggled to cope with regional lockdown measures.
Almost 90% of economists polled by Reuters this week said there was a high risk the coronavirus resurgence would halt the nascent eurozone economic recovery.
“The eurozone PMI confirms that the second wave of the coronavirus is weighing more and more on the economy. A double-dip in the fourth quarter is becoming more likely at this rate,” said Bert Colijn at ING.
IHS Markit’s Flash eurozone PMI fell to 49.4 from September’s final reading of 50.4.
“The further decline in the eurozone Composite PMI in October adds to the evidence that the second wave of infections, and the new wave of containment measures, is taking a heavy toll on the economy,” said Jack Allen-Reynolds at Capital Economics.
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