UK Manufacturing Falls in September

The UK manufacturing sector grew at its slowest pace for 17 months in September as a result of the strong pound and eurozone weakness, a survey has said.

The Markit UK Manufacturing Purchasing Managers’ Index (PMI) fell to 51.6 in September from 52.2 in August. A figure above 50 indicates growth.

Firms reported that growth in new orders was “near stagnation”.

The current sluggish growth in the eurozone contributed to exports growing at their slowest pace for 18 months.

The strength of sterling against the euro also hit sales, Markit said.

Where an increase in new export orders was reported, it reflected demand from North America, Germany, Scandinavia and the Middle East, Markit added.

The PMI survey also found that average output prices rose at the slowest pace in 15 months.

However, the number of jobs created in the industry accelerated in September, regaining most of the momentum lost in the prior month, Markit said.

via BBC

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