UK Manufacturing Sector Plunges Deeper Into Crisis

The UK’s manufacturing sector fell deeper into contraction in December, while business optimism fell to its lowest level in a year, a closely watched survey suggested. S&P’s global UK manufacturing Purchasing Managers’ Index (PMI) slipped back to 46.2 in December, lower than the 46.4 recorded in the ‘flash’ estimate in mid-December. December’s reading also marked a downturn from November’s reading of 47.2, which was a seven-month high. The 50-mark separates growth from contraction. The deterioration…