UK Manufacturing Falls in September

The UK manufacturing sector grew at its slowest pace for 17 months in September as a result of the strong pound and eurozone weakness, a survey has said.

The Markit UK Manufacturing Purchasing Managers’ Index (PMI) fell to 51.6 in September from 52.2 in August. A figure above 50 indicates growth.

Firms reported that growth in new orders was “near stagnation”.

The current sluggish growth in the eurozone contributed to exports growing at their slowest pace for 18 months.

The strength of sterling against the euro also hit sales, Markit said.

Where an increase in new export orders was reported, it reflected demand from North America, Germany, Scandinavia and the Middle East, Markit added.

The PMI survey also found that average output prices rose at the slowest pace in 15 months.

However, the number of jobs created in the industry accelerated in September, regaining most of the momentum lost in the prior month, Markit said.

via BBC

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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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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