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- Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. drops to 51.4 in June, the lowest level since April 2013
Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. drops to 51.4 in June, the lowest level since April 2013
Markit Economics released its manufacturing purchasing managers' index (PMI) for the U.K. on Wednesday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. decreased to 51.4 in June from 51.9 in May, missing expectations for a rise to 52.5. It was the lowest level since April 2013.
May's figure was revised down from 52.0.
A reading above 50 indicates expansion.
The decline was driven by declines in output and new orders.
"The UK manufacturing sector had a disappointing second quarter overall. Growth trends in output and new orders were the weakest since the opening quarter of 2013, as a strong sterling exchange rate and subdued demand from mainland Europe offset the continued solidity of the domestic market," Markit's Senior Economist Rob Dobson said.
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