NEAR-STANDSTILL; ECONOMY TODAY.
Britain's manufacturing sector eked out modest growth last month after a shock contraction in April, but remained close to stagnation as Brexit fears hit activity.
The closely watched Markit/CIPS UK Manufacturing purchasing managers' index showed a reading of 50.1 in May, up from 49.4 in April, which had marked the first contraction for more than three years. A reading above 50 signals growth.
The report reveals that more than a third of manufacturers surveyed believe uncertainty over the EU vote has had a detrimental impact on their business.
Of those, 8% said the impact was "strongly detrimental".
Economists said Brexit fears are putting off spending and investment decisions, while a slowdown in the global economy has also impacted demand for British goods from abroad.
|Printer friendly Cite/link Email Feedback|
|Publication:||The Journal (Newcastle, England)|
|Date:||Jun 2, 2016|
|Previous Article:||BIG FOUR SLUMP; ECONOMY TODAY.|
|Next Article:||PROFITS SPEED UP; COMPANIES TODAY.|