Saturday August 8, 2020

Brexit hit UK manufacturing harder than initially estimated

Production suffered its biggest drop in more than three years in July

1st August, 2016
The Brexit decision may have had a bigger impact on the economy than initially expected

UK manufacturing shrank more than initially forecast in July, suffering its biggest drop in more than three years.

A purchasing managers’ index slumped to 48.2, below the one-off flash reading of 49.1, Markit Economics said. The index has only fallen below the 50 mark – which separates expansion from contraction – one other time since early 2013. The index was at 52.4 in June.

“The weak numbers provide powerful arguments for swift policy action,” said Rob Dobson, an economist...

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