THE best days of the industrial recovery are over, economists warned today, as a worrying slowdown in domestic orders saw manufacturing growth plunge to a seven-month low.
The Markit/CIPS Purchasing Managers’ Index, where a reading of more than 50 indicates growth, fell to 54.6 in April from a downwardly revised 56.7 in March.
As new orders from within the UK dropped to an eight-month low, analysts said the figures revealed further weaknesses in the economy and signalled another drop in consumer spending.
The mediocre performance will raise concerns over the economy’s ability to withstand the Government’s fiscal squeeze while persistently high prices weaken the prospect of an interest rate hike at the Bank of England.
