Visit Mish's Global Economic Trend Analysis

U.K. Manufacturing Contracts Most Since 2001

Posted on July 01, 2008

Yesterday I reported Deflationary Hurricanes to Hit U.S. and U.K. Confirmation that the U.K. is about to follow the U.S. in recession is at hand.Bloomberg is reporting U.K. Manufacturing Contracts Most Since 2001.U.K. manufacturing contracted in June by the most since 2001, a sign higher credit costs and soaring commodity prices are bringing the economy closer to a recession.An index based on a survey of more than 600 manufacturers by the Chartered Institute of Purchasing and Supply fell to 45.8, from 49.5 in May, Reuters said today. The median forecast in a Bloomberg News survey of 34 econom...

Original article link


deflation , economy , greenspan , housing , inflation , interest rates