United Kingdom manufacturing growth cools to one-year low: PMI

04 April, 2018, 02:09 | Author: Kathy Ellis
  • Strong Canadian manufacturing growth maintained in March

Most economists predict the GDP will grow less than 2% in the first quarter due to slower spending by consumers and businesses.

But January's reading was also revised lower and for the first quarter as a whole, the PMI was its lowest in a year, though above its average since Britain exited recession in the third quarter of 2009 following the financial crisis. And even while exports and imports are growing, prices are still increasing at a faster rate. The data comes ahead of the monetary policy review this week, where the Reserve Bank of India is expected to hold rates.

The headline PMI reading in March was supported by a robust and accelerated rise in production volumes across the manufacturing sector. Its Purchasing Managers' Index registered 59.3%, a decrease of 1.5 percentage points from the February reading of 60.8%.

'Even if manufacturing growth does slow to around 0.5%, this would still be fairly strong by past standards. There were also reports that the ongoing upturn in demand was leading to improved pricing power.

Here's a look at PMI across major manufacturing countries for March.

UFC 223 Embedded 1: Holloway vs Nurmagomedov Vlog Series
Per White, Ferguson is expected to lose his interim title, which he won by defeating Kevin Lee at UFC 216 in October. At least, it was enough time if his tweet about "staying ready" was in reference to the lightweight title fight.

Although input prices continued to rise sharply in March, the rate of inflation eased markedly from February and was the slowest since August 2017.

The protest action is in response to President Emmanuel Macron's plans to reform the national jobs infrastructure, which some fear is a covert way of removing power from workers' unions. Business conditions have been strengthening in each of the past 28 months. CNA reports that for both the PMI and NMI, numbers over 50 mean that production is expanding, while numbers under 50 imply contraction.

Lee expects the manufacturing sector to continue growing but at a slower pace in the second half of 2018 (2H18) partly due to the potential trade war between the United States and China which could impact Malaysia's manufacturing sector, especially for export-oriented players.

Against the euro, sterling traded flat at 87.54 pence per euro.

Even in the event of a break out of the down channel from March 1, it would not be a reason to call a bottom in the DXY Index yet.

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