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Manufacturing momentum increases in UK and declines in eurozone

02 Dec 2014

The respected, and forward looking, manufacturing PMI (Purchasing Managers' Index) figures were released for both the UK and eurozone yesterday by Markit/CIPS.

The UK figure was 53.5 (October was 53.3), a four-month high and the twenty first consecutive month of expansion (50.0 means no change). By contrast the eurozone figure was 50.1, but the three largest economies - Germany, France and Italy - contracted, reading 49.5, 48.4 and 49.0 respectively. Brighter news came from Ireland (56.2), Spain (54.7) and the Netherlands (54.6)

The UK figures showed solid, broad-based expansions of output, new orders and employment (related article here), whilst export figures were subdued, due to the slowdown in Europe and other export markets like China

The prices of manufacturing raw materials declined for both the UK and Europe, particularly oil, which means that inflationary pressures remain benign

A consequence is that interest rates will not rise any time soon, and are likely to remain unchanged for most/all of 2015

See the full release for the UK here and the eurozone here

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