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U.K. Manufacturing Shrinks Most in a Year After Brexit Vote

  • Pharmaceuticals, transport lead 0.9% decline in July
  • Industrial production rises 0.1%, boosted by oil and gas
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U.K. manufacturers cut production at the fastest pace in a year in July as Brexit trauma rocked the British economy, a downturn that may prove short-lived.

Output fell 0.9 percent from June, far exceeding the 0.3 percent decline forecast in a Bloomberg survey, Office for National Statistics data published Wednesday show. Total industrial production rose 0.1 percent, thanks to a jump in oil and gas output.