UK Manufacturing PMI down to 51.5

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Thursday, Oct 01 2015

UK Manufacturing PMI eased to 51.5 in September, down from a revised reading of 51.6 in August (originally reported as 51.5). Analysts were anticipating decline to 51.3. The PMI has now posted above the 50.0 no-change mark for 30 months running. However, the pace of growth signalled during quarters two and three of this year have been weaker than those generally seen earlier in the current growth sequence.

The UK manufacturing sector remained sluggish at the end of the third quarter, stunned by a triple combination of a sharp slowdown in consumer spending, weak business investment and stagnating export order inflows. The survey is still broadly consistent with stagnation, or even a mild downturn, when compared to official data. The generally subdued trends in both output and new orders during recent months filtered through to the labour market, with manufacturing job losses registered for the first time since April 2013.

Sterling is currently being traded around 1.5130 area. Pair is likely to find support around 1.51 handle and resistance above 1.5180 level. Later today, in the US session, Unemployment Claims and Manufacturing PMI figures are scheduled for a release.

More in this category: « Euro higher despite weaker than expected PMI figures Unemployment Claims rose to 277,000, »

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