UK manufacturing PMI hits 3-month lows in June, a big miss on expectations
The manufacturing sector activity in the UK economy deteriorated sharply in the month of June, coming in worse-than consensus forecasts, the latest data from Markit revealed on Monday.
The manufacturing Purchasing Managers' Index (PMI) in the UK arrived at 54.3 points in June, as compared to a previous 56.3 (revised lower) reading. Markets had predicted a drop to 56.5.
Key Points:
UK Manufacturing PMI at three-month low of 54.3 in June
Growth rates of output and new orders slow
Price inflationary pressures ease
Rob Dobson of Markit commented in the release, “The UK manufacturing sector largely weathered the uncertainty of a general election and start of formal Brexit negotiations to eke out further output growth at the end of the second quarter. However, the rate of expansion eased again in June, with growth weakening across the consumer, intermediate and investment goods industries.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
