–UK July CIPS Manufacturing PMI 57.3 Vs June 57.6 – Reuters
–UK July CIPS Manufacturing Above Median 57.0 Forecasts
LONDON (MNI) – The rate of growth in UK manufacturing activity
eased in July, as export orders fell back, according to the latest
Markit/Chartered Institute of Purchasing and Supply survey, published by
Reuters.
The PMI activity index came in at 57.3, its lowest level for five
months and down from July’s revised 57.6, which was originally reported
at 57.5. The headline reading was impacted by weak export order growth,
but it was above analysts’ median forecast for a 57.0 outturn.
The export orders index fell to 50.8 from 51.5 in June, hitting its
lowest level since last August, but total new orders growth still rose
on the month.
CIPS/Markit downplayed the fall in the headline reading, saying the
survey showed the manufacturing sector recovery remains strong.
The survey found manufacturers increasing employment levels for the
fourth consecutive month, with output, new orders and jobs grow across
all manufacturing sectors.
CIPS/Markit said the headline index reading was well above the
survey’s long run average of 51.1 and broadly in line with Q2’s 57.9.
“UK manufacturing continued to boom at the start of the third
quarter, with the PMI suggesting only a slight loss of momentum from the
1.6% surge in production seen in the second quarter,” Rob Dobson, Senior
Economist at Markit, said.
The slowing – albeit still expanding – CIPS reading was broadly in
line with the latest CBI survey, which saw surging manufacturing demand
slowing in the current quarter.
–London newsroom 0044 207 862 7491; email:drobinson@marketnews.com
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