Activity in the manufacturing sector in the UK fell sharply in July to a 38-month low fuelling concerns that the economy will remain in a double-dip recession for some time to come,[url=http://www.lvhandbasoutletcheap.com]http://www.lvhandbasoutletcheap.com[/url].
The purchasing managers index (PMI) fell from 48.4 to 45,[url=http://www.ralphlaurencheapus.com]ralph lauren outlet[/url].4 as costs increased and new orders dropped,[url=http://www.cheapgucchandbagsoutletus.com]gucci Sunglasses[/url]. A reading of above 50 indicates expansion in the sector.
The sector is suffering from continued uncertainty caused by the euro debt crisis,[url=http://www.c0achoutletusa2.com]coach handbags[/url].
The Markit report reveals that both domestic and export demands fell and the decline in production was the sharpest for 40 months,[url=http://www.cheapminibootssonsaleuk2.co.uk]ugg boots uk[/url].
Rob Dobson,[url=http://www.cloutletcheapshoes.com]cheap christian louboutin[/url], Senior Economist at Markit said: “The UK manufacturing sector hit turbulent waters in July. Companies scaled back output to the greatest extent since March 2009
“It looks like the sector remains a major drag on the overall economy.&rdquo;,[url=http://www.polouscheaps.com]http://www.polouscheaps.com[/url];
Markit reports that there was a small increase in employment in the sector but that outstanding orders fell back to their lowest level since March 2009 and that outstanding business has now fallen throughout the past 18 months.
Howard Archer, Chief UK and European Economist at IHS Global Insight said: “The July purchasing managers&rsquo; survey is massively disappointing and worrying, indicating that the manufacturing sector&rsquo;s problems are currently running deep.”
Mr Archer believes the “absolutely dreadful” data from the manufacturing sector could dash hopes of a recovery in GDP after the 0.7 per cent contraction in the second quarter,[url=http://www.cheapgucchandbagsoutletus.com]gucci outlet[/url].
Mr Archer said: “Hopes that the manufacturing sector could see a marked bounce in the third quarter after the Office for National Statistics estimated that manufacturing output plunged 1,[url=http://www.polouscheaps.com]polo ralph lauren[/url].4% quarter-on-quarter in the second quarter have taken a massive dent,[url=http://www.cheapgucchandbagsoutletus.com]cheap gucci handbags[/url].”
         
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