12/1/2022, 10:31 AM (Source: TeleTrader)
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UK's manufacturing stays in contraction field in Nov.

The manufacturing sector in the United Kingdom remained in contraction in November, with the Purchasing Managers' Index (PMI) reaching 46.5, rising slightly from October's 46.2 and market expectations, S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) said in their report published on Thursday.

According to the report, November saw "lower output, weaker new intakes and reduced employment," as well as lower demand both in Britain and abroad. The sector thus remained in the contraction field for the fourth consecutive month.

"November saw a further contraction of the UK manufacturing sector, as weak demand, declining export sales, high energy prices and component shortages all hit industry hard," S&P Global Market Intelligence Director Rob Dobson said about the results. "Companies are also reporting rising recession fears, weak consumer spending and subdued client confidence."

Baha Breaking News (BBN) / JR