Data published yesterday by IHS showed that in August British manufacturers suffered from a ‘’creeping dread’’, suffering their worst fall in output since 2012. Measured at 47.4, from 48 in July, anything below 50 means contraction. Unfortunately, this coincided with BRC retail sales data which fell to -0.5 per cent Y/Y like-for-like in August, with every category except food falling; some are suggesting Brexit stockpiling here. Over in the Eurozone August Manufacturing PMI data was also weak, only France hanging on at 51.1. All other countries’ measures were below 50, the lowest of which was Germany’s 43.5.
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