New figures show worrying manufacturing slowdown
Published 03/10/2011 | 08:23
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.