The downturn in the UK manufacturing sector showed further signs of slowing at the end of the second quarter. Although output, new orders and employment all contracted, rates of decline eased in all three cases. Business optimism improved in tandem, reaching a four-month high. The seasonally adjusted S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) posted 47.7 in June, its highest reading in five months and up further from March's near one-and-a-half year low. The reading was unchanged from the earlier flash estimate released on June 23. Although four out of the five PMI constituents were at levels ... (full story)