All the day’s economic and financial news, including new healthchecks on the world’s factories
- Latest: British manufacturing growth has hit a 25-month low
- Introduction: China’s factory PMI has fallen again
- Economists blame US-China trade war
- Turkey’s factories hit by lira crisis
The pound had already been under pressure this morning, due to Brexit worries.
The slowdown in UK manufacturing has now dragged it back below $1.29, down 0.5% today.
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Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply, is also alarmed by the slowdown across UK factories.
“Fears for a stalling manufacturing sector took a step closer to becoming a reality this month with the most disappointing performance for two years. “The lifeline of strong export orders enjoyed since May 2016 dried up, as the attraction of a weaker pound was not enough to sustain the momentum…..
With a subdued global economy threatened by escalating trade wars and Brexit uncertainty making its mark, it’s unclear where future opportunities to sustain the health of the sector will come from.