Manufacturing Production PMI (UK)
Event Date: Tuesday, January 3, 2023
Event Time: 09:30 CET
Updated Tuesday, January 3, 2023
Manufacturing production has not been steady last year, especially during the second half of 2018, as the global economy started to turn the tail. In the period from July to November, production has been declining in three out of four months, while it only increased once in September by 0.2%. In October, November and December, manufacturing production declined consistently, averaging at more than -0.6% a month. But we saw a reversal and a 0.8% increase in January. The reports for February and March were pretty good as well, showing a 0.9% growth each month. Although, that's possibly due to stockpiling ahead of a disruptive Brexit which reversed in the coming months. In April, manufacturing production posted a massive decline of 3.9% which was revised even lower to -4.2% later. In May we saw a 1.4% increase but production turned negative again at -0.2% in June. In August and September production declined by a combined 1.1% in total. It was expected to turn positive in October and post a 0.1% expansion, but increased by 0.2% instead. In March, manufacturing activity declined by 5.8% and again by 24.3% in April. Although since then manufacturing activity has been slowing and has been in contraction since August, with December's number expected to remain at 44.7 points.
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About Manufacturing Production PMI (UK)
Released by the National Statistics Bureau, Manufacturing Production is an aggregate measure of the U.K.’s industrial output. It is developed for month-over-month and year-over-year comparison, specifically addressing the relative strength of U.K manufacturing.The manufacturing sector represents 12-15% of the total GDP in the U.K. Being a top 10 global exporter, items such as pharmaceuticals, cars, beverages, and appliances are primary vehicles of foreign trade.Manufacturing Production is viewed by traders and investors to be a leading indicator of the U.K.’s short-term economic prowess. A high reading is perceived to be bullish toward the GBP, while a low reading is typically viewed as bearish. Volatility levels for the GBP may increase upon its public release, but Manufacturing Production is not a primary economic indicator for the U.K.