The manufacturing purchasing managers’ index (PMI) has fallen even more than predicted following the referendum results. The 4.2 drop in just over a month (from 52.4 in June to 48.2 in July) is the sharpest fall in the current economy since October 2012. A rating below 50 indicates an economic contraction with a large reflection on job losses.

On the other hand, export rose for the second consecutive month and new contracts from overseas have been agreed due to the pound being weaker.

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