Brexit latest: Manufacturing misses City growth expectations for June

Brexit latest: Manufacturing misses City growth expectations for June

In a report, market research group Markit said that its United Kingdom manufacturing PMI fell to a seasonally adjusted 54.3 last month from a final reading of 56.3 in May. New export orders index also picked up slightly.

The report showed that production level index for manufacturing sector grew for the fourth consecutive month in June 2017.

We're getting a healthcheck on the world's factories today, as data firms release their monthly Purchasing Managers Index reports.

There was a slowdown in the rate of new orders growth across all domestic sectors and there was a decline in growth for export orders to the weakest level for 5 months.

Spreadex Analyst, Connor Campbell noted "The thrust of the United Kingdom index's growth stemmed from the commodity sector, itself boosted by the latest 0.5% jump from Brent Crude, the black stuff now trading at $49 per barrel for the first time in around a month".

"Helping to lift the headline PMI was faster growth in new order books".

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said: "For the third month in a row production growth in India eased during June".

Arson charges dropped against teens accused of setting deadly 2016 Tennessee fire
A charred bird cage sits in the smoldering remains of a home in the wake of a wildfire last November in Gatlinburg, Tennessee. They called the case "an unfortunate rush to judgement". "People aren't looking for scapegoats; they're looking for answers".

Input costs continued to increase, however, the rate of inflation was modest and the weakest since August 2016.

For the Non-Manufacturing PMI, growth was witnessed at a faster rate in the month under review in Business activity, new orders, employment and inventory indexes.

"The morning's main focus is on June's manufacturing data, the first of the week's 3 PMIs set to give investors a fuller idea of how the United Kingdom economy performed across the second quarter".

Worryingly, business optimism fell to a three-month low.

Naeem Aslam, chief market analyst at Think Markets UK added: "The UK manufacturing fell off the cliff and it clearly shows that economy is not doing well at all".

Nevertheless, overall confidence did weaken to a 7-month low as uncertainty surrounding the political outlook and Brexit talks increased once again. Meanwhile, Asia's tech-manufacturing economies were helped by growing global demand for electronics products, it said.

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