The UK manufacturing PMI drops sharply in Dec, misses estimates
|The manufacturing sector activity in the UK economy resumed its downtrend and fell more-than-expected in the month of December, the latest data from Markit revealed on Tuesday.
The manufacturing Purchasing Managers' Index (PMI) in the UK arrived at 56.3 points in December, as compared to a previous 58.2 reading. Markets had predicted the PMI to tick lower to 58.0.
Key Points:
Output, new orders, and employment all rise at solid rates.
Input cost and output price inflation ease.
Rob Dobson of Markit commented in the release, “The UK manufacturing ended 2017 on a positive footing. Although growth of output and new orders moderated during December, rates of expansion remained comfortably above long-term trend rates. The sector has therefore broadly maintained its solid boost to broader economic expansion in the fourth quarter. The outlook is also reasonably bright, with over 50% of companies expecting production to be higher one year from now.”
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