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UK PMI manufacturing finalized at 49.7, Budget may deepen structural strain
UK manufacturing showed tentative signs of life in October, with the final S&P Global PMI rising to 49.7 from September’s 46.2. However, the improvement remains fragile as sluggish demand and stock adjustments drove much of the uptick rather than a sustained pickup in new orders. Rob Dobson, Director at S&P Global Market Intelligence, said the […]
The post UK PMI manufacturing finalized at 49.7, Budget may deepen structural strain appeared first on Action Forex.
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UK October final manufacturing PMI 49.7 vs 49.6 prelim
- Prior 46.2
- Full report here
Key findings:
- Output rises for first time in a year
- Total new orders and new export orders contract
at slower rates
Comment:
Rob Dobson, Director at S&P Global Market Intelligence said:
“The October PMI survey shows UK manufacturing
production rising for the first time in a year, which is a
positive in itself. However, there are real concerns that
the bounce could prove short-lived. Not only did October
see auto sector supply chains benefit from the production
restart at JLR, which will provide only a temporary spike in
production, but sluggish demand from both domestic and
overseas markets meant October’s output growth was
dependent on firms eating into backlogs of orders placed
in prior months and allowing unsold stock to accumulate.“There are also concerns the forthcoming Budget will
exacerbate the lingering challenges created by last year’s
Budget, especially in relation the impact of NMW and
employer NICs on costs, demand and production. This
means that business optimism remains below its long-run
average despite rising to an eight-month high in October.
Manufacturers seem to be stuck in a holding pattern until
the domestic policy and geopolitical backdrops exhibit
greater clarity.”This article was written by Giuseppe Dellamotta at investinglive.com.
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