Economists say that the Tory general election victory is likely to have alleviated some of the political uncertainty reflected in the survey oli scarff/afp/Getty ImagesManufacturing output fell at its fastest pace in seven and a half years in December as the boost from Brexit stockpiling continued to fade, according to a closely watched survey. A fall in new orders, output and employment knocked economic activity from 48.9 to 47.5 in December, according to the IHS Markit/Cips manufacturing purchasing managers’ index. The index has posted below the 50 mark that separates growth from contraction for eight months now. Economists had forecast a reading of 47.8 but the downturn in the sector was deeper than expected as clients continued to run down the stocks they had built up in anticipation of last year’s Brexit deadlines. The output gauge fell from 49.1 to 45.6 in December, its lowest reading since July 2012.

Source: The Times January 02, 2020 12:00 UTC