- Jeff Neild, EFF's Legal leader
The U.K records growth in manufacturing sector and it is predicted to expand as high as 2.7% in the current year, surpassing growth rate of the overall economy at 2.4%, as well as outperforming previously revised expectations of manufacturing contraction by 0.1% and economic growth rate of 1.4%. Additionally, it has been reported that wages across the manufacturing sector grew by a solid 2.6% during the first six month, at the same time surpassing the average pay level growth in the economy, and the average number of deferments and freezes contract to 6.4%, following 14.6% in July. Although manufacturing Purchase Manager Index stayed at 55.4 in July, following 57.2 in June, experts explain the phenomena by overall sluggish global economics growth. Nonetheless, any figure above 50 indicates expansion.
Separately, latest British Banker's Association report indicated decrease in the number of new mortgages approved were down to 42,800, from the June's revised total of 43,200, falling behind experts' forecast by a wide margin. Nonetheless, in comparison with same period a year earlier, mortgage approvals have surged by 12%.
After the numbers were released, the Sterling experienced modest decline against the Greenback, dipping 0.03% at $1.6574.
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