Wednesday, July 01, 2009
Manufacturing PMI up again
Posted by David Smith at 10:00 AM
Category: Thoughts and responses

The purchasing managers' index for UK manufacturing rose to 47 in June, from 45.4 in May, signalling that the sector is close to stabilising. The output index rose to 52.1. Taken together with official data showing a negligible 0.1% fall in service sector output in April, the figures are an antidote to yesterday's downward revision in first quarter GDP.

The eurozone manufacturing PMI rose to a nine-month high of 42.4, while there was also better news for German retail sales, up 0.4% in May following a 0.5% rise in April. German consumers need to spend to offset the weakness in world trade. China's PMI edged up to 53.2, from 53.1.