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Tag: economy

Manufacturing in worst decline for six years as economy fears deepen

Manufacturing in worst decline for six years as economy fears deepen

Business
By John-Paul Ford Rojas, business reporter Britain's manufacturing sector suffered its worst month since 2013 in June as it endured a hangover from Brexit stockpiling earlier in the year, according to new figures.The downturn - also blamed on reduced exports amid a global slowdown - prompted factory employers to cut jobs for the third month in a row and added to fears over the wider economy. It comes after the Bank of England recently cut its UK growth forecast for the second quarter to zero, as no-deal Brexit fears and the US-China trade war weigh on demand.Other forecasters think UK GDP is likely to have shrunk in the April-June period.The latest reading of 48.0 from the closely-watched IHS Markit/CIPS manufacturing purchasing managers' index (PMI) ...
UK economy shrank in April after Brexit car plant shutdowns

UK economy shrank in April after Brexit car plant shutdowns

Business
The UK economy shrank by 0.4% in April, after a "dramatic fall" in car manufacturing, the Office for National Statistics said. A number of car plants owned by the likes of Jaguar Land Rover and Honda temporarily halted production in April, to mitigate any disruption to their supply chains as Britain prepared to leave the European Union. JLR shut down all three UK manufacturing plants and its engineering plant between 8-12 April, for the second time in six months.Last July the company warned that its UK plants and at least 40,000 jobs are at risk if the country leaves the European Union without a free trade deal.Honda stopped production for six days in the same month, and plans to shut its Swindon plant altogether by 2022, with 3,500 UK jobs at stake. ...
What's going on with the UK economy?

What's going on with the UK economy?

Business
More than 1,000 days since the referendum, and with the clock ticking down to 29 March, the path of Brexit remains unclear. Ahead of the 2016 vote, the Treasury warned that leaving could damage the economy. And yet, for all the political turmoil and uncertainty, the economy continues to trundle along - and appears to be doing very well on some fronts. Almost 30 years ago, US economist David Shulman introduced the phrase "Goldilocks economy" to describe one that's neither blowing too hot nor cold but expanding at just the right pace, with good jobs growth. Does that apply to the UK? And were those warnings from the Treasury merely "Project Fear": fairy tales in themselves? Time to check the temperature of the UK economy.What shou...
Economy grows at fastest pace for 25 months in January

Economy grows at fastest pace for 25 months in January

Business
By James Sillars, business reporter UK economic growth surged to 0.5% in January, according to official figures which smashed economists' expectations.The Office for National Statistics (ONS) said it was the biggest increase in monthly output since December 2016 but cautioned that growth in the three months to January remained static at 0.2%. The figures showed 0.3% growth for the crucial services sector, which accounts for more than three-quarters of total UK output, following a disappointing contraction of 0.2% in December as consumers checked spending in the run-up to Christmas. ...
The week ahead: Jobs report needs to silence rising worries about the economy

The week ahead: Jobs report needs to silence rising worries about the economy

Finance
Job growth has remained vibrant despite the slow-growing economy, and that's a trend investors are anxious to see confirmed in the February employment report on Friday. Even with some economists expecting growth around 1 percent for the first quarter, the labor market has been strong, and economists expect to see 185,000 jobs added in February. The economy is widely expected to bounce back in the second quarter to a pace well above 2 percent, after the temporary headwinds from the government shutdown and polar vortex abate. The jobs data tops the list of important economic news in the week ahead, particularly after a string o...