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Free AccessUK Manufacturing Sector Sees Growth Accelerate In July: CIPS
-IHS Markit/CIPS PMI rises to 55.1 in July from 54.2 in June
By David Robinson
LONDON (MNI) - The UK manufacturing saw accelerated growth at the start of
the third quarter, with the IHS Markit/CIPS Purchasing Managers' Index climbing
to 55.1 in July from 54.2 in June.
This was the first monthly rise in the manufacturing PMI index in three
months. Official data showed manufacturing performed poorly in the second
quarter, falling 0.5% compared to the first quarter with overall Q2 quarterly
growth only 0.3% but the outlook for the sector in Q3 looks rosier.
The July PMI was underpinned by a pick-up in new work, production and a
slight rise in manufacturing employment with export order growth particularly
strong. While new orders rose, the pace of growth was still close to 12 month
lows.
New export business, however, posted its second strongest growth in the
history of the PMI manufacturing series.
"The headline PMI signalled a growth acceleration for the first time in
three months during July, as new order intakes were boosted by a near
survey-record increase in new export business. Although the exchange rate
remains a key driver of export growth, manufacturers also benefitted from
stronger economic growth in key markets in the euro area, North America and
Asia-Pacific regions," Rob Dobson, Director at IHS Markit, said.
The PMI survey found evidence of easing pipeline inflation pressure, with
input prices rising at their slowest pace in over a year.
--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.