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Industry returns to slow lane

Activity in Britain's manufacturing sector fell last month on the back of weak exports, leaving the UK increasingly reliant on consumer spending to fuel growth this year. The Markit/CIPS purchasing managers' index for the manufacturing sector fell to a 26-month low of 51.4 in June. Growth in both output and new orders were the weakest since the beginning of 2013 as a strong pound and subdued demand from Europe hit exports. Markit warned that weak exports were likely to remain a drag on the economy given the uncertainty surrounding the Greek debt crisis. At 52.5, Markit eurozone PMI was at a 14-month high. All eurozone countries covered by the survey recorded growth, apart from Greece, which has had the steepest downturn in activity for two years.

 

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