U.K Manufacturing PMI was 54.1 in January, a 3-month low, down from December’s three-year high of 57.5, according to IHS Markit press release. The January PMI level was weighed down by a decline in new order intakes and a steep reduction in input stocks caused by COVID-19 restrictions.
- Manufacturing output increased for the eighth successive month in January, although the rate of expansion slowed to its weakest.
- Manufacturing employment increased for the first time in January, reflecting efforts to combat rising work-in-hand jobs at several companies, although the job creation rate was marginal.
- Input price inflation hit a four-year high on raw material shortages, transport delays, and market forces.
- Consumer goods was the weakest performing sub-industry as both outputs, and new orders fell.
U.K stocks and the pound are currently gaining. FTSE 100 is up 1.20%, GBPUSD is up 0.20%