The UK manufacturing sector showed increased signs of renewed contraction in May. At 49.4, down sharply from 53.1 in April, the headline seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index® (PMI®) fell below the neutral 50.0 benchmark for the first time since July 2016. Manufacturers reported increased difficulties in convincing clients to commit to new contracts during May. This mainly reflected the already high level of inventories following recent stockpiling activity in advance of the original Brexit date. The total volume of new business placed fell for the first time in seven months. The rate of … (full story)