UK manufacturing PMI falls to six-year low in June

  • by Ahmed Mamdouh
  • July 1, 2019, 13:25 AM
  • 518 Views
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U.K. manufacturing sector reported an unexpected widening contraction in June, hitting the lowest level in 6 years, raising concerns about the growth pace in the second quarter.

Manufacturing Purchasing Managers’ Index scored 48.0 last month, the worst contraction since February 2013, from a prior of 49.4 in May. Analysts had predicted a reading of 49.5.

“The UK manufacturing sector continued to feel the reverberations of the unwinding of earlier pre-Brexit stockpiling activity during June,” Markit said.

Still, investors will put construction and services PMI figures due this week under scrutiny to get more clues about the health of the economy.

As of 09:21 GMT, the pound tumbled to a 10-day low of 1.2635 versus the U.S. dollar, after locking a weekly loss last week.

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