British manufacturing index slips

Nov. 3, 2011 at 2:37 PM
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LONDON, Nov. 3 (UPI) -- The Purchasing Managers Index for Britain fell modestly in October compared with September, a trade group said Thursday.

The Chartered Institute of Purchasing & Supply, which tracks Britain's Purchasing Managers Index, said the PMI for October fell from September's 52.9 to 51.3.

Numbers above 50 indicate growth, while numbers below 50 indicate business activity is contracting.

Although the headline index fell, confidence in business activity in the future rose to its highest point since May, the report said.

Chris Williamson, chief economist at Markit, which conducts the survey, said the numbers "adds to fears that the (British) recovery continued to lose momentum at the start of the fourth quarter.

"With manufacturing contracting, the October PMI surveys are signaling a heightened and substantial risk that the U.K. could slip back into recession," Williamson said.

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