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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.

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Publication:The Journal (Newcastle, England)
Date:Jun 2, 2016
Words:127
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