Analysts at Nomura explain that while the UK’s headline manufacturing index remains below its previous year’s average, it did recover modestly in May to a level that remains about 2.5 points higher than its long-run average.
Key Quotes
“The output index rose notably but new orders growth slowed further and the employment index reached its lowest level for a year. We forecast a similar headline reading in June, possibly with some rotation away from the output index to new orders.”
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