Analysts at TD Securities are looking for the UK’s manufacturing PMI to fall to 46.9 in September (mkt 47.0), still slightly higher than the post-financial crisis low of 45.5 in July 2012.
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“Our model is actually pointing to a slightly steeper fall after the weakness that we saw in the Eurozone flash PMIs as well as the CBI industrial report, but we think the weakness may be tempered a bit by the legislation that was passed in early-September that attempts to prevent a no-deal Brexit. Overall though the manufacturing sector continues to be in very poor health, with new orders and business optimism both taking a bit hit in last month’s survey.”
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