Oliver Mangan: The differing outlooks for the world economies

Differing outlooks for the eurozone, the US and British economies was reflected in the recent policy meetings of their respective central banks

Composite PMIs, a good leading indicator of economic activity, fell deeper into contraction in October in the eurozone, UK and US. Picture: Larry Cummins

Weakening survey data in particular are pointing to the growing risks of a recession in some of the major world economies. Composite PMIs, a good leading indicator of economic activity, fell deeper into contraction in October in the eurozone, UK and US, at well below the 50 mark.

The UK looks to be already in recession, with the Bank of England estimating GDP declined by 0.5% in the third quarter and projecting it will fall by a further 0.3% in this quarter.