Activity in Britain’s manufacturing sector fared worse than feared last month with falls in output, new orders and employment all sharply lower than estimated. The purchasing managers index, which is considered one of the best indicators of the health of the economy, showed manufacturing activity falling from 52.1 in June to 48.2 in July, the lowest level since February 2013. The pound slipped against the euro and the dollar after the survey showed the downturn was felt “across firms of all sizes and across the consumer, intermediate and investment goods sectors”. Any reading below 50 represents a contraction.

Source: The Times August 01, 2016 10:52 UTC