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U.K. Manufacturing Slips Into Contraction After Brexit Delay
Britain’s manufacturing sector unexpectedly shrank in May for the first time since the direct aftermath of the 2016 Brexit referendum. IHS Markit’s manufacturing PMI dropped to 49.4 from 53.1 in April as factories unwound Brexit preparations when the departure date was pushed back. The reading is below the 50-mark that separates expansion from contraction and weaker than the 52.2 expected by economists in a Bloomberg survey. The reversal follows intensive stockpiling as factories built up inventories ahead of the previous Brexit deadline of the end of March. The new exit date is Oct. 31. But as Prime Minister ... (full story)