Manufacturers ended 2011 with their worst quarter since Britain was in the grip of recession, although the pace of contraction slowed in December.
The closely watched Markit Purchasing Managers Index survey, which asks manufacturers about their output and order books, showed a reading of 49.6 last month — an improvement on the 47.7 recorded in November, but still below the 50 mark which signals expansion.
The MPMI explores the rate of change, not the absolute level.
\”Worst\” describes the absolute level not the rate of change.
Acceleration and deceleration are simply not the same thing as speed.