September saw a moderate expansion of the UK manufacturing sector, an improvement on the contraction signalled in the previous month. However, the underlying rate of growth through the third quarter of the year is well below the high reached in Q1, as the trend in new orders has become more subdued. At 51.1 in September, down from a revised reading of 49.4 in August, the seasonally adjusted Markit/CIPS UK Manufacturing Purchasing Managers’ Index ® (PMI ® ) posted above the neutral 50.0 mark for the first time in three months. However, the average PMI reading in Q3 2011 (50.0) was well down on those of Q1 (a ... (full story)