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Financial News: UK Factory PMI At 6-month High

UK Factory PMI At 6-month High

11/01/2019 - 05:49:00 (RTTNews)

(RTTNews) - UK's manufacturing activity decreased at the slowest pace in six months in October, but remained constrained by ongoing political and economic uncertainties as output, new orders and employment continued to fall, survey data from IHS Markit showed on Friday.

The seasonally adjusted IHS Markit/CIPS Purchasing Managers' Index, or PMI, rose to a six-month high of 49.6 in October from 48.3 in September. Economists had forecast a modest improvement to 48.1. The index climbed for a second successive month, but remained below the neutral 50.0 mark separating expansion from contraction. The survey was conducted between October 11 and 28 ahead of the confirmation of the latest Brexit extension to January 31 and the government's decision to hold an early general election on December 12.

"With a further Brexit extension confirmed and the prospect of a December general election, it looks as if the spectre of uncertainty will cast its shadow over manufacturing for the remainder of 2019," IHS Markit Director Rob Dobson said.

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