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British manufacturing growth tumbles on weak domestic demand, says survey

The survey also showed one of the biggest jumps in the cost of raw materials in decades

Reuters  |  LONDON 

British manufacturing lost some of its recent strong momentum last month as factories were held back by overall weakness in the economy in the run-up to Brexit, a survey showed on Thursday. The IHS Markit/CIPS manufacturing purchasing managers' index (PMI) dropped to 55.3 in January, its lowest since June 2017, though still well above its long-run average of 51.7. If sustained, that performance would lead to quarterly growth of 0.6 percent for the sector -- better than the broader economy but only half the rate of the final three months of 2017. The survey also showed one ...

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First Published: Thu, February 01 2018. 18:34 IST