UK manufacturing sector growth ‘slows’
1 December 2016
- From the section Business
UK manufacturing sector growth slowed in November, a closely-watched survey has indicated.
The Markit/CIPS purchasing managers’ index (PMI) fell to 53.4 from 54.2 in October. A figure above 50 indicates expansion.
The weakening of the pound following the Brexit vote pushed up costs for manufacturers.
However, firms reported more demand from the US, Europe, and the Middle East for business.
A weak of the pound pushes up the cost of imports, but makes UK goods cheaper for overseas buyers.
The UK vote to leave the EU led to a sharp fall in the value of the pound against the dollar and the euro.
This post was written by FSB News