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UK manufacturers cut jobs at fastest rate since 2012

Christian Fernsby |
British manufacturers cut jobs last month at the fastest rate since 2012, a survey showed.

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The IHS Markit/CIPS manufacturing Purchasing Managers' Index (PMI) sank to 48.9 in November from 49.6 in October, a slightly smaller decline than an initial flash estimate of 48.3.

But the PMI stuck below the 50 level that divides growth from contraction for a seventh consecutive month, the longest such run since 2009, as the country headed for an early election on Dec.

12 intended to end a parliamentary logjam over Brexit.

"November saw UK manufacturers squeezed between a rock and hard place, as the uncertainty created by a further delay to Brexit was accompanied by growing paralysis ahead of the forthcoming general election," IHS Markit economist Rob Dobson said.

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