UK manufacturing sector growth slows
A new report says the growth in UK’s manufacturing sector has slowed in August.
According to the report by Markit Group, UK’s manufacturing purchasing managers’ index or PMI dropped to 51.5 in last month down from 51.9 in July.
Markit said the figure is below the index average over the past two and a half years.
The report also noted that unlike its continual job creation over the past two years, UK manufacturing sector saw a reduction in headcount in August.
Analysts cite the weakness in exports as a key problem for UK manufacturing sector.
Markit said: ”The domestic market remained the "main pillar of new order growth", as the strong pound sent new export business down for the fifth month in a row.”
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