
Manufacturing Slows
A rebound in manufacturing slowed from a 15-year high in June as export order growth all but ran out of steam, a survey showed yesterday, suggesting the sector's recovery may have peaked. The Markit/Chartered Institute of Purchasing and Supply manufacturing PMI fell to 57.5 last month from 58.0 in May, bang in line with forecasts for a slight deceleration but still well above the 50.0 mark that separates contraction from growth. The PMI survey showed export orders growth, which had probably been helped over the last year by a weaker pound, had nearly ground to a halt. The export orders sub-index fell to 50.7 from 56.7 in May for its lowest reading since August 2009. Financial market troubles in Europe triggered by some countries' precarious fiscal positions have hit growth prospects on the continent and hurt the euro, making British goods less competitive with the euro zone, its biggest trading partner.
