UK manufacturing PMI drops to 17-month lows of 53.9 in April, a big miss
|The manufacturing sector activity in the UK economy eased more-than-expected in the month of April, missing market expectations, the latest data from Markit revealed on Tuesday.
The manufacturing Purchasing Managers' Index (PMI) in the UK arrived at 53.9 points in March, as compared to a previous 54.9 (revised down from 55.1) reading. Markets had predicted the PMI to tick lower to 54.8.
Key Points:
Slower growth of output, new orders and employment.
Inflationary pressures ease.
Rob Dobson of Markit commented in the release, “The start of the second quarter saw the UK manufacturing sector lose further steam. The headline PMI dipped to a 17-month low as growth of production, new business and employment all slowed. While adverse weather was partly to blame in February and March, there are no excuses for April’s disappointing performance, making the chances of a near-term hike in interest rates by the Bank of England look increasingly remote.”
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