Pound Drops as Manufacturing Activity Shrinks at Fastest Pace in Over Three Years

UK manufacturing activity shrank in July

by Szu Ping Chan

UK manufacturing activity contracted at the fastest pace in more than three years after the Brexit vote as economic uncertainty saw companies step up the pace of job cuts, according to a closely watched survey.

The pound slipped against the dollar and euro on Monday after figures showed the downturn was felt “across firms of all sizes and across the consumer, intermediate and investment goods sectors”.

[…] The Markit/CIPS manufacturing purchasing managers’ index (PMI) fell to 48.2 in July, from 52.4 in June.

This was well below the 50 level that divides growth from contraction and much lower than an initial estimate of 49.1 released on July 22.

Continue Reading at Telegraph.co.uk…