The Brexit stockpiling boom of early 2019 gave way in May to the steepest downtu...
LONDON, - The Brexit stockpiling boom of early 2019 gave way in May to the steepest downturn in British manufacturing in almost three years as new orders dried up, boding poorly for economic growth in the second quarter, a survey showed on Monday.
Export orders dropped at the fastest pace since October 2014, the survey showed, reflecting global trade tensions and European businesses diverting supply chains away from Britain because of Brexit uncertainty, the PMI showed. But with Britain’s departure from the European Union postponed until Oct. 31, the boost from stockpiling has evaporated — putting manufacturing on course for a renewed downturn, data company IHS Markit said.
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