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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (12614)	10/1/2004 9:00:48 AM
From: mishedlo	Respond to of 116555

UK Sept CIPS manufacturing PMI falls to 52.2 vs revised 52.8 Aug UPDATE Friday, October 1, 2004 9:33:21 AM afxpress.com (Updating with more details, revision to Aug data) LONDON (AFX) - The purchasing manager index of activity in the UK manufacturing sector fell sharply to 52.2 in September from a downwardly revised 52.8 in August, according to the Chartered Institute of Purchasing and Supply. The PMI was initially estimated at 53.1 in August. The latest reading is well down on expectations. The consensus forecast of economists polled by AFX News was for a rise to 53.5 Furthermore, the index has now dropped for two straight months and is now at its lowest level since July 2003 While a reading above 50 still indicates that the sector is expanding, the pace of growth is clearly dropping. The subdued rate of growth in September was largely due to slower growth in output and new orders, with the latter dropping to 53.1 from 51.8 in August There was also a significant jump in input prices, which rose to 67.7 from 65.0. The Sept reading is the highest since July 1995 Roy Ayliffe, Director of Professional Practice at CIPS, said: "Purchasing managers again faced intense pressure from the soaring cost of oil and metal and their firms raised rates as a result, in an effort to pass costs on to customers."