U.K. Nov. manufacturing PMI lowest since June 2009

Discussion in 'Economics' started by ASusilovic, Dec 1, 2011.

  1. FRANKFURT (MarketWatch) -- Activity in Britain's manufacturing sector contracted for a second straight month in November, according to the Markit/CIPS purchasing managers index for the sector released Thursday. The index fell to 47.6 from 47.8 in October, its lowest level since June 2009. A reading of less than 50 indicates a contraction in activity. Economists had forecast a steeper decline to 47.0. The reading "intensifies fears that the overall economy will contract in the fourth quarter although the key factor will be the performance of the dominant services sector given that manufacturing output only accounts for 10.2% of gross domestic product," said Howard Archer, chief U.K. economist at IHS Global Insight.