UK Manufacturing PMI at a seven-month low

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Friday, May 01 2015

UK Manufacturing PMI posted 51.9 in April, a seven-month low and below the revised March reading of 54.0 (originally 54.4). Analysts were predicting increase to 54.6. The PMI has nonetheless remained above the neutral 50.0 mark, signalling expansion, for 25 consecutive months.

The slowdown in the rate of increase of output occurred in tandem with weaker growth of incoming new business, in turn led by a decrease in the volume of new work received from abroad. Output rose at the weakest pace since November last year, while the base of the upturn narrowed and became further skewed towards the consumer goods sector.

Separate report on Net Lending to Individuals showed increase to £3.1 billion, well above expectations on a reading of £2.6 billion. After the data Sterling was pushed lower and is currently being traded around 1.5320 area. Pair is likely to find support around 1.5250 handle and resistance above 1.5380 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.

More in this category: « Australian PPI rose by 0.5% US Manufacturing PMI at 51.5 in April »

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