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Brexit Hit U.K. Factories Harder Than Initially Estimated

  • Factory PMI plunged to 48.2 in July from 52.4 in June
  • Bank of England policy makers to decide this week on stimulus
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Brexit Hits U.K. Manufacturing

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U.K. manufacturing shrank more than initially forecast in July, suffering its biggest drop in more than three years.

A Purchasing Managers’ Index slumped to 48.2, below the one-off flash reading of 49.1, Markit Economics said Monday in London. The index has only fallen below the 50 mark -- which separates expansion from contraction -- one other time since early 2013. The index was at 52.4 in June.