Business

UK Manufacturing Growth Tumbles to Two-Year Low in August

Millicent and Ursula, tunnel boring machines or TMB’s, assembled at the Battersea Power Station site of the Thames Tideway tunnel, in London on March 15, 2018. Photo Credit: JUSTIN TALLIS/AFP/Getty Images).

By: Radhakrishna N S

Growth in UK manufacturing sector fell to more than two-year low in August 2018, according to IHS Markit/CIPS UK Manufacturing Purchasing Managers Index released on Monday (03). “August saw further signs of slowdown in the UK manufacturing sector. Rates of expansion in output and new orders eased following the first contraction in new export business for over two years. The subdued performance of the sector also transmitted itself to the labour market, with the pace of manufacturing job creation slumping to near-stagnation,” the PMI report said. The seasonally adjusted IHS Markit/CIPS PMI was at 52.8 in August, down from a revised reading of 53.8 recorded in July (originally reported as 54.0).…

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