Autumn Statement: Services slowdown raises 'triple-dip' threat Read the latest on Autumn Statement 2012 An unexpected slowdown in Britain's vast services sector raised the prospect of a "triple-dip" recession, dealing a blow to the Chancellor. Growth in the sector slowed to its weakest in almost two years in November, according to the closely-watched purchasing managers" index (PMI) survey from Markit. The monthly survey came in at a 23-month low of 50.2, down from 50.6 in October, where any reading below 50 signals that activity contracted. Economists had forecast a reading of 51. The findings pointed to the risk of a "new downturn" in the final three months of the year, said researchers at Markit. In contrast to official data, which showed special factors helped the UK economy grow 1pc in the third quarter after shrinking 0.4pc in the second, they said the PMI surveys show an underlying trend of "near-stagnation." When the latest manufacturing and construction PMIs were considered, the overall reading for the economy was 50.2, following October's 49.6 reading. A decline in gross domestic product (GDP) of 0.4pc or "even steeper magnitude" was a distinct possibility, the researchers said. The services sector accounts for around three quarters of the UK's economy, so a loss of pace would drag heavily on overall growth. Howard Archer, chief UK economist at IHS Global Insight, said: "If the economy is to avoid a renewed GDP dip in the fourth quarter it is going to need robust consumer spending through December as well as a pick-up in services activity." Separate PMI figures for the eurozone showed that the region's services and manufacturing sectors are still suffering. A joint index for the sectors came in at 46.5, signalling a continued contraction.