CIPS/Markit Report on Services (Aug.)

August’s CIPS/Markit report on services suggested that growth in the largest sector of the economy has slowed sharply – and has perhaps even turned negative. We continue to expect virtually no GDP growth in the rest of this year (resulting in annual GDP growth of just 1% in 2011 as a whole). But the chances of an outright double-dip in overall GDP are rising.

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