The Purchasing Managers’ Index (PMI) fell to a 20-month low in May, stoking British manufacturers' fears that stagnation has set in.
After posting 54.4 in April, the PMI has fallen steadily over the past 20-months to 52.1, even though it remains above the neutral point of 50. Manufacturing production fell, as well as a reduction in new orders. Both these began to rise in June and July 2009 respectively. Factors affecting this downward trend are said…
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