British manufacturers suffered the sharpest fall in activity in more than six ye...
LONDON, July 1 - British manufacturers suffered the sharpest fall in activity in more than six years last month against a backdrop of Brexit uncertainty and global trade tensions, a survey showed on Monday, adding to signs of economic weakness.
The PMI’s output component dropped to 47.2 from 50.3 in May, pointing to the biggest contraction since October 2012. Although the PMI numbers have sometimes proved gloomier than official data at times of political uncertainty, the reading for June is not alone in pointing to a slowdown in Britain. The stockpiling boost has now gone into reverse, and many economists - including Bank of England forecasters - think overall growth slowed to a halt in the second quarter, exacerbated by widespread Brexit-related stoppages in the car industry in April.
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