U.K. manufacturing contracts more than expected

Source: Bloomberg
© scanpix/AP
U.K. manufacturing shrank more than expected in October after food and alcohol declined showing a slowdown in the economic growth pace at the beginning of the fourth quarter. Factory output fell the most in four months, 1.3% lower compared to September. Ten out of thirteen categories slumped in October. The Europe's debt crisis has weakened the U.K.'s largest export market.
"The data were "shockingly bad." While some of the decline may be due to "erratic" factors, such as an unwinding of food and alcohol sales after the London Olympics, this is still very bad news at the start of the fourth quarter," said David Tinsley, an economist at BNP Paribas SA in London.


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Mon, 10 Dec 2012 07:04:48 GMT

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