UK Manufacturing and Services PMI Preliminary Figures Both Fall Short of Expectations
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[Asia Economy Reporter Lee Hyun-joo] The preliminary Purchasing Managers' Index (PMI) for the UK manufacturing sector in October recorded 45.8, according to Markit/CIPS on the 24th (local time).
This is lower than the expert forecast of 48.0 and the previous figure of 48.4.
A manufacturing PMI above 50 indicates growth in the manufacturing sector, while below 50 signifies contraction.
The UK services PMI also fell short of expectations. The services PMI released that day recorded 47.5, lower than the forecast of 49.6 and the previous figure of 50.0.
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A services PMI higher than expected suggests a positive outlook and value for the pound, while a lower figure indicates a negative outlook.
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