The U.K Manufacturing PMI plummet to 47.9 in January

Source: uk.reuters
The U.K Manufacturing Purchasing Manager`s Index slumped to 47.9 in January, despite expected gain to 51.0. In the Q4 of 2012, a plummet in factory output fell 0.1% point off economic growth, leading to a slump in GDP that brought U.K within sight of its third economic crisis since the one in 2008. New orders rapidly declined for a second successive month. Purchasing activity also dropped significantly, as manufacturers continued to give advantage for lower stock holdings.
"The return to contraction of the manufacturing sector is a big surprise and represents a major setback to hopes that the UK economy can ... avoid a triple-dip recession," said Chris Williamson, the Markit economist who compiled the survey." A strong rebound is needed in March to prevent the sector from acting as a drag on the economy as a whole in the first quarter."
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