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UK Manufacturing PMI increased to 49.2

Friday, Sep 02 2016

UK construction companies indicated a sustained reduction in business activity during August, but the pace of decline was only marginal and much softer than the seven-year record seen during July. New order volumes also moved closer to stabilisation, with the latest reduction the least marked since May. This contributed to a renewed rise in staffing levels across the construction sector and a rebound in business expectations for the next 12 months. However, latest data indicated a further steep acceleration in input cost inflation.

Purchasing prices rose at the fastest pace for just over five years amid reports that exchange rate depreciation had acted as a catalyst for increased charges among suppliers of construction materials. At 49.2 in August, the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index remained below the 50.0 no-change threshold for the third consecutive month. However, the index was up from July’s 85-month low (45.9), and the latest reading signalled the slowest pace of decline since the downturn began in June.

 

Sterling is currently being traded above 1.3270 handle. Pair is likely to find support around 1.32 area and resistance above 1.33 level.

More in this category: « Number of unemployed in Spain rose by 14,435 Non-farm payrolls climbed by 151,000 »

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