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After Vote, UK Economy Shrinking At Fastest Pace Since 2009

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LONDON (AP) - A survey suggests that Britain's economy is shrinking at its steepest pace since early 2009 as a result of the vote to leave the European Union.

The so-called flash purchasing managers' survey -- a gauge of business activity conducted by IHS Markit -- shows its composite output index fell to 47.7 points in July from 52.4 in June, an 87-month low. The survey is one of the first indicators of the country's economic health following the vote.

Markit says that both output and new orders fell for the first time since the end of 2012, "while service providers' optimism about the coming 12 months slumped to a seven-and-a-half year low."

The index offers information on current business conditions and is a sign of the country's economic health.

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