UK Manufacturing Growth Unexpectedly Slows In August
01 Setembro 2015 - 2:27AM
RTTF2
British manufacturing expansion slowed in August, defying
expectations for a modest improvement, survey figures from the
Chartered Institute of Procurement & Supply and Markit
Economics showed Tuesday.
The purchasing managers' index fell to 51.5 from 51.9 in July.
Economists had expected a score of 52.
A PMI reading above 50 suggests expanding activity. However, the
latest figure was well below the 54.2 average of the current near
two-and-a-half year sequence of expansion, the survey said.
"The sector looks unlikely to make much of a contribution to the
solid gain in broader GDP growth expected for the third quarter,"
Markit Economist Rob Dobson said.
Growth was subdued as the continued strength of the consumer
goods sector was again offset by lackluster output growth at
intermediate goods producers and the ongoing downturn in the
capital goods industry, the survey noted.
"Lackluster manufacturing activity is worrying for hopes that UK
growth can become more balanced and less dependent on the services
sector and consumer spending," IHS Global Insight economist Howard
Archer said.
Output growth climbed to a five-month high, but remained below
the average for the current upturn. New order growth was led by
domestic market demand. Export orders dropped for a fifth straight
month and companies attributed the same to the sterling exchange
rate, weak sales performance to the Eurozone and the slowdown in
China.
Input prices registered a sharp drop in August, which was one of
the steepest during the past 16 years. The slump mirrored a
combination of lower oil prices, the sterling exchange rate and
reductions in the costs of a wide range of raw materials.
Average output price inflation was near stagnant in August and
below July's 11-month high, with more than 90 percent companies
reporting no change in their average selling prices.
Employment growth was mildly negative in August after a 25-month
sequence of job creation. Jobs were mainly shed at big
manufacturers, while small and medium businesses continued to add
staff.
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