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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Pogeu Mahone who wrote (11247)9/1/2004 10:14:40 AM
From: mishedlo  Read Replies (2) of 116555
 
UK Aug manufacturing PMI comes in below forecast to rise by 53.1
Wednesday, September 1, 2004 9:43:19 AM

(Updating to add details from official release, including revision to July figures)
LONDON (AFX) - Manufacturing sector activity in the UK fell sharply below expectations to rise by just 53.1 in August compared with the downwardly revised reading of 56.0 the previous month, the Chartered Institute of Purchasing and Supply said

Consensus estimates had predicted a much smaller dip to 56.0 from the initial estimate of 56.3 in July. A reading above 50 indicates an expansion in activity, while a sub-50 figure indicates contraction

The index measuring new orders fell to 53.5 from 57.9 in July, suggesting that manufacturers are using up available stocks

Raw material costs slipped to 64.7 from 65.2 in July "Purchasing managers saw overall growth in the manufacturing sector sustained in August underpinned by increased output and new orders. However, this was set against a weaker rate in production compared with previous months, as well as a cooling in new business levels," said Roy Ayliffe, director of professional practice at CIPS

"Panelists faced intense pressure from the soaring cost of oil and commodities and reported raising their rates as a result, in order to pass costs on to customers," he added

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