The manufacturing sector activity in the UK economy faded tis upturn and declined in the month of June, but matched expectations, the latest data from Markit revealed on Monday.
The manufacturing Purchasing Managers’ Index (PMI) in the UK arrived at 54.0 points in June, as compared to a previous 54.4 reading. Markets had predicted the PMI to tick lower to 54.0.
Key Points:
Output growth slows from May’s five-month high.
Input cost inflation picks up, leading to increased selling prices.
Rob Dobson of Markit commented in the release, “The UK manufacturing sector ended the second quarter on a subdued footing. The turnaround in performance since the start the year has been remarkable, with impressive growth rates late last year turning into some of the weakest rates of expansion seen over the past two years in recent months.”
“The slowdown in new order growth since earlier in the year has also left manufacturers increasingly reliant on backlogs of work and inventory building to maintain higher output.”
Share
