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Financial News: UK Manufacturing Growth At 25-Month Low

UK Manufacturing Growth At 25-Month Low

09/03/2018 - 04:51:00 (RTTNews)

(RTTNews) - The UK manufacturing sector expanded at the weakest pace in just over two years in August, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Monday.

The manufacturing Purchasing Managers' Index dropped to 52.8 in August from 53.8 in July. However, any reading above 50 indicates growth in the sector.

This slowdown was driven by a contraction in new export orders for the first time since April 2016.

Output grew at the slowest pace in seventeen months in August, as growth of new order inflows eased to its weakest during its current 25- month sequence of expansion.

Consequently, the pace of job creation slowed to near-stagnation, as cuts at large enterprises offset further increases at SMEs.

"Looking ahead, manufacturers' optimism about the outlook for the year ahead has been receding in recent months and is now at a 22-month low," Rob Dobson, Director at IHS Markit, said.

"While a hoped-for improvement in new export order growth and new product launches are forecast to stimulate future expansion, manufacturers are also expressing rising concerns about the uncertain backdrop of Brexit."

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