British Manufacturing Barely Grows in May as EU Referendum Approaches – PMI

British manufacturing activity barely grew last month, adding to signs that the economy is slowing in the run-up to a referendum on European Union membership, a survey showed on Wednesday.

The Markit/CIPS manufacturing Purchasing Managers’ Index (PMI) rose more than expected to 50.1 in May from April’s slightly upwardly revised 49.4, the lowest reading since early 2013. Economists in a Reuters poll expected a 49.6 figure.

But the index was only a fraction above the 50 mark which separates growth from contraction, and below levels seen at the start of 2016. Official figures show manufacturing failed to contribute to overall growth throughout 2015 and early 2016.


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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.