Production is scaled back
Published Date:
02 July 2008
MANUFACTURING activity in June slumped to its lowest level since the aftermath of the 9/11 terror attacks, a survey revealed.
The Chartered Institute of Purchasing and Supply's Markit manufacturing index fell to 45.8 – the lowest since December 2001 and a sign of industry contraction, with a score above 50 signalling growth.
Firms in the sector scaled back production to an extent not seen since December 1998 as they continue to struggle with a toxic combination of soaring input costs from oil and food products, as well as weakening demand.
Manufacturing jobs were also axed at the fastest pace since August 2005 as firms looked to cut costs, the survey showed.
The figures present a fresh headache for the Bank of England's Monetary Policy Committee (MPC) as it attempts to tread a course between preventing recession and reining in inflation, which is currently above target.
The full article contains 150 words and appears in Peterborough ET newspaper.
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Last Updated:
02 July 2008 12:44 PM
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Source:
Peterborough ET
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Location:
Peterborough
