Manufacturing sector sees summer contraction

New figures released yesterday have suggested that the UK’s manufacturing sector contracted for July, amid lower domestic demand.

The Markit/Cips manufacturing purchasing managers’ index fell to 49.1, after reaching 51.4 in June. A figure under 50 indicates a contraction.

Job losses were also recorded across the sector as overall conditions deteriorated.

However, UK manufacturers are still seeing success with exports, as the weak pound kept costs lower. Inflation on input costs also slowed.

This news came shortly after UK GDP predictions for 2011 as a whole dropped.

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