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Financial News: UK Manufacturing Growth Moderates In September

UK Manufacturing Growth Moderates In September

10/02/2017 - 04:51:00 (RTTNews)

(RTTNews) - The UK manufacturing sector continued to expand in September, albeit at a slower pace compared to August, data from IHS Markit showed Monday.

The IHS Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell more-than-expected to 55.9 in September from a 4-month high of 56.7 in August.

The expected score was 56.2. Nonetheless, a reading above 50.0 indicates expansion in the sector.

Manufacturing output rose for the fourteenth successive month in September but the rate of expansion eased from August's recent high.

The latest gain in new orders was slower than the prior survey month, companies reported that demand remained solid in both domestic and overseas markets.

The outlook for the manufacturing remained strong as 51 percent of companies said they expect production to rise over the coming year.

September saw further job creation at manufacturers but the rate of increase was slightly below August's three-year record.

Data showed that input costs and output charges both rose at faster rates in September.

"The continued solid progress of manufacturing and export growth is unlikely to offset concerns about a wider economic slowdown, but the upward march of price pressures will add to expectations that the Bank of England may soon decide that the inflation outlook warrants a rate hike," Rob Dobson, director at IHS Markit.

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