UK Manufacturing PMI declined more than expected

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Tuesday, Mar 01 2016

February saw the rate of expansion in the UK manufacturing sector slow back towards the stagnation mark. Output growth eased sharply, as levels of incoming new business showed littlemovement on one month earlier. The slowdown was also reflected in the labour market, with job losses registered for the second straight month.

At 50.8 in February, down from 52.9 in January, the seasonally adjusted Markit/CIPS Purchasing Manager’s Index posted its lowest reading since April 2013 – the first month of the current 35month sequence of expansion. Analysts were expecting smaller decline to 52.3. The growth rate of manufacturing production slumped to a seven-month low in February, led by sharp decelerations in the consumer and investment goods sectors.

Sterling is currently being traded few points above 1.3870 level. Pair is likely to find support around 1.38 handle and resistance above 1.39 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.

More in this category: « Spanish Manufacturing PMI up, Italian PMI fell in February Eurozone Unemployment Rate at the lowest level since August 2011 »

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