UK Manufacturing Suffered Worst Month in 3 Years in April

Britain’s factories suffered their worst month in three years in April as falling export orders and a lack of demand for consumer goods squeezed manufacturing output.

The slump meant the sector contracted for the first time since March 2013 and marked the lowest point in a year-long slide that economists said would drag on GDP growth this year.

Financial data provider Markit, which carried out the survey, said manufacturers highlighted slower growth in the UK and declining new export orders as a blow to sales alongside “rising uncertainty about the global economy, the oil and gas industry, retail sector and the EU referendum”.

A fall in jobs was a knock-on effect of the downturn, said Markit, with the data showing almost 20,000 job losses over the past three months, mostly among large employers.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza