UK manufacturing hits lowest level in six years
By Sarah Wood | 2nd July 2019
Factories were hit hard in June, with manufacturing suffering its biggest slump in six years, according to the latest figures.
The purchasing managers' index, which is an index of the prevailing direction of economic trends in the manufacturing and service sectors, fell from 49.4 in May to 48 in June, as reported by The Sun.
The index came in below expectations and hit its lowest level since February 2013. It shows that for the second consecutive month a majority of businesses have suffered a fall in output.
The fall was blamed on both weak demand and the after-effects of pre-Brexit stock piling, with took place earlier in the year. Export orders fell for a third month, as companies around the world lost confidence due to the continuing trade war between China and the US.
Punchline said: "This is bad news for manufacturing companies across Gloucestershire. Unless we get some answers on Brexit soon, it looks likely that the slump will continue, putting businesses and jobs under pressure."
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