New figures show worrying manufacturing slowdown
FIGURES out today show the health of the manufacturing sector deteriorated at the sharpest rate for two years last month.
Output has contracted and new business fell at a faster pace.
The NCB Purchasing Managers' Index slipped to 47.3 from 49.7 in July - any reading above 50 signals growth while under 50 signals contraction.
NCB said the reading signalled a solid deterioration in operating conditions in the sector, and the sharpest since September 2009.
New business decreased for the fourth successive month, and at a speed that was the fastest since August 2009.
The rate of decline in purchasing activity quickened markedly over the month, and was the strongest since August 2009, NCB said.