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11/2/2020, 10:30 AM (Source: TeleTrader)
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UK manufacturing PMI down to 53.7 in October

The seasonally adjusted Purchasing Managers’ Index® (PMI) for the United Kingdom slipped to 53.7 in October, the IHS Markit said in its report published on Monday. However, the industrial expansion continued for the fifth consecutive month, as the index stood well above the 50.0 level.

The report noted that output and new order growth slowed down, with job losses increasing on concerns of new coronavirus-related restriction measures. On the other hand, business optimism stood at the highest level since January 2018.

"October saw the UK manufacturing recovery continue, albeit with the upturn losing momentum amid ongoing lockdown measures and signs that growth could weaken further in coming months after Brexit-related stockpiling," IHS Markit Director Rob Dobson stated, adding that "the outlook for the remainder of the year has therefore become increasingly uncertain, with risks tilted to the downside."

Breaking the News / ND