UK manufacturing output slides at fastest rate since 2012: PMI

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UK manufacturing output slides at fastest rate since 2012: PMI
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British factory output fell in December at the fastest rate since 2012 as a tepi...

LONDON - British factory output fell in December at the fastest rate since 2012 as a tepid global economy hurt demand and businesses further reduced stocks of goods they had built up in case of a no-deal Brexit, a survey showed on Thursday.

The broader headline PMI, which combines gauges of output, employment and orders, fell to 47.5 from 48.9 - revised up only slightly from a preliminary reading of 47.4 and marking a four-month low. Past PMIs have sometimes overstated economic slowdowns, and do not cover the public sector, where spending is rising. The job market also remains fairly solid with unemployment at a 44-year low.

Now the country looks on course to leave the European Union on Jan. 31 with a transition deal that avoids new tariffs until the end of 2020, giving Johnson a short window to negotiate a longer-term trade deal with the EU.

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