BRITISH BONDS AND REAL ESTATE ARE IN DEMAND 2/3

The latest purchasing managers' index (PMI) surveys for September continue to paint a picture of a divided economy. In contrast, the manufacturing sector remains mired in contraction, with its PMI at 47.0, its lowest level in several months. This pronounced sectoral divergence suggests an unbalanced and potentially unsustainable growth path, with the weakness of the manufacturing sector likely to weigh on employment and broader investment, acting as a crucial headwind for the economy.