LONDON: The British manufacturing purchasing managers’ index (PMI), a gauge of industry activities, slipped to 51.5 in August from 51.9 in July, said survey provider Markit Economics here the other day.
The data was lower than the market estimate consensus of 52, though it has stayed above the neutral 50.0 mark each month since April 2013. A figure above 50 suggests that the sector is growing.
The performance of British manufacturing remained sluggish in August, as the continued strength of the consumer goods sector was again offset by lacklustre output growth by intermediate goods producers, and the ongoing downturn in the capital goods industry, said Markit.
Data showed that in August, Britain saw a modest increase in manufacturing production, with the domestic market remaining the main pillar of new growth. There was a substantial drop in purchasing prices during the period, as the average cost declined by one of the steepest rates during the past 16 years.
Meanwhile, the trend in employment turned mildly negative during August, with a “negligible reduction” in staff headcounts, noted Markit. Previously, manufacturing employment increased for the 27th successive month up to July 2015, data also showed.
