LONDON (Reuters) – British manufacturing contracted last month at the fastest rate in seven years, rocked by the deepening Brexit crisis and the global downturn, boding poorly for the chances of an economic rebound in the third quarter, a survey showed on Monday.
The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 47.4 from 48.0 in July, a full point lower than the median forecast in a Reuters poll of economists and well below the 50 dividing line for growth and contraction.
Manufacturing - PMIs - Europe - Data - Company
Only German manufacturing fared worse among the national PMIs produced for Europe by data company IHS Markit.
“The big picture is that manufacturing is on track to contract for a second consecutive quarter, and a meaningful recovery is unlikely given the ongoing struggles of global manufacturing,” Andrew Wishart, UK economist at consultancy Capital Economics, said.
Britain - Economy - Shrank - Quarter - Hangover
Britain’s overall economy shrank in the second quarter too, a hangover from the stockpiling boom in advance of the original March Brexit deadline. Another contraction...
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