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UK manufacturing PMI slows to 3-month low in December

by ChemOrbis Editorial Team -
  • 06/01/2016 (14:51)
According to a purchasing managers’ index (PMI) compiled by Markit Economics, UK manufacturing activity grew at its slowest pace in a three-month period in December. The index fell to a reading of 51.9 in December, lower than November’s figure of 52.5 and October’s figure of 55.5. Nonetheless, December’s reading was still above average for 2015 and indicated the manufacturing sector continued an expansionary streak that has now lasted nearly three years.

Any reading above 50 represents an expansion, though Markit economists reported that December’s reading fell below estimates. New orders decelerated to a five-month low in December while Markit’s export orders index also declined.

Growth in the service sector, which drives the UK’s economic growth, meanwhile, slightly slowed in December in line with economists’ expectations, according to a survey by Reuters. Markit’s services PMI declined to a reading of 55.5 from 55.9 in November. Markit lowered its forecasts of the UK’s GDP growth in the fourth quarter to 0.5% from 0.6%.

Earlier this week, Markit reported that the eurozone manufacturing sector continued to make solid progress at the end of 2015 as rates of growth in production, new orders and new export business all improved.
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