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British manufacturing index contracts

2 August 2011
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British manufacturing index contractsThe first contraction in the UK's manufacturing purchasing managers' index (PMI) in two years has been recorded.

Operations management specialists are advised that according to the latest PMI for the sector, the measure plummeted from 51.4 in June to 49.1 last month, with any figure below 50 indicative of negative expansion.

Following a slowdown in strong output growth seen earlier this year, Markit and the CIPS have now revealed there was a contraction in activity during July 2011.

The figures demonstrate that new orders fell as domestic demand weakened and job losses were seen for the first time since March last year.

Although exports continue to remain strong, rising for the tenth consecutive month, Markit senior economist Rob Dobson warned: "With austerity arriving at home and debt ills rising in the US and euro area, significant headwinds are on the horizon."

In addition, the Markit and JPMorgan Global Manufacturing PMI has indicated the second half of the year will see a cooling of production growth, with expansion easing and a decline in new orders during July 2011.ADNFCR-3058-ID-800673944-ADNFCR
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