United Kingdom manufacturing sector slows to three-month low

04 July, 2017, 00:36 | Author: Celia Hoffman
  • Pound euro exchange rate services

The Caixin Media and Markit Economics manufacturing purchasing managers' index rose to 50.4 from 49.6 in May, which had been the first time the index had slipped below 50 since June 2016. China is a major user of natural resources, so any growth indications from there tend to boost the mining sector.

A reading above 50 indicates economic expansion, while one below 50 points toward reduction.

The rise was spurred by stronger increases in production and new orders, prompting companies to increase purchasing activity by a tad, even as muted client demand pushed manufacturers to cut inventories and reduce their workforce numbers.

We also get new eurozone unemployment figures this morning; they may show that the jobless rate remains at its lowest level since the financial crisis, at 9.3%.

United Kingdom manufacturing activity came in below expectations in June, with the latest snapshot survey showing a moderation in the rate of growth.

Today's PMI showed price pressures for manufacturing firms eased in June, which could help ease the squeeze on profit margins.

Pound euro exchange rate services
GETTYPound euro exchange rate- sterling remains vulnerable to the release of more data out of the UK

The private survey came in at 50.4, marking a three-month high.

"By contrast, Indonesia and Myanmar fell back into decline after recording expansions in the previous month, though the rates of deterioration were marginal in both cases", the report said.

Russian manufacturing activity continued to expand in June, but it did so at the slowest pace in 11 months as growth in output and new orders slowed, a survey showed on Monday.

In the first quarter, China's GDP grew 6.9 percent on-year, slightly faster than the 6.8 percent forecast in a Reuters poll and the fastest pace since the third quarter of 2015.

Stephen Cooper, head of industrial manufacturing at KPMG UK said: "Uncertainty is the main theme which underpins some of the data in this month's manufacturing PMI". Confidence was linked to planned investment spending, new product launches and expected growth of new business.

New business volumes rose at their weakest pace for nearly a year and export orders remained weak, said IHS Markit/CIPS which compile the monthly survey.

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