For the first time since March 2013, UK’s manufacturing index broke below the 50-point benchmark, settling at 49.2 in April from the previous month’s 50.7. The data came after the UK’s economic growth slowed to 0.4 percent in Q1 from 0.6 percent in the fourth quarter of 2015.
According to Markit, a decline in demand and less international expansion held the manufacturing index back. Confidence on the retail sector and the oil and gas industry is shaky due largely to the upcoming Brexit referendum. Job cuts became more frequent in April, mostly experienced by big companies.
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