Thursday, September 04, 2008

Recession worry grows as manufacturing slows

Activity in the manufacturing sector fell for the fourth consecutive month in August, raising fears that the British economy is set to tip into recession.

The Chartered Institute of Purchasing and Supply/Markit purchasing managers’ index registered an activity reading of 45.9 last month, up slightly from a 10-year low of 44.1 in July.

However, August's reading shows that the manufacturing sector is still shrinking since any reading below 50 indicates that output is falling rather than rising.

Manufacturers reported falling volumes of new orders and output levels, while purchasing managers also reported job losses for the fifth month in a row.

Read the full story at Times Online

Technorati Tags:

No comments: