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UK: Downturn in manufacturing continues at start of fourth quarter
UK manufacturing contracted at the start of the final quarter, as October saw output, new orders and employment all decline. There were reports that difficult and uncertain market conditions led to increased caution among both manufacturers and their clients alike. The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers’ Index™ (PMI®) posted 44.8 in October, up from 44.3 in September but below the earlier flash estimate of 45.2. All five of the sub-components included in the PMI calculation signalled a deterioration in operating conditions during October. Alongside lower new orders, ... (full story)