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Financial News: UK Manufacturing Growth At 17-Month Low

UK Manufacturing Growth At 17-Month Low

05/01/2018 - 04:52:00 (RTTNews)

(RTTNews) - UK manufacturing activity expanded at the slowest pace in 17 months in April, survey data from IHS Markit showed Tuesday.

The Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 53.9 in April from 54.9 in March. The score was forecast to fall slightly to 54.8.

Nonetheless, the indicator signaled expansion in each of the past 21 months.

Rates of expansion eased for output, new orders and employment, in part reflecting a weakening in the pace of expansion of new work from abroad.

On the price front, the rate of input price inflation faced by UK manufacturers remained elevated in April, despite easing to a nine-month low.

At the same time, the rate of output charge inflation eased for the third straight month to the slowest since August 2017.

"While adverse weather was partly to blame in February and March, there are no excuses for April's disappointing performance, making the chances of a near term hike in interest rates by the Bank of England look increasingly remote," Rob Dobson, Director at IHS Markit, said.

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