Market Commentary and Intraday News
UK Factory Activity Falls For Sixth Month
230 days ago
(RTTNews) - Business conditions across British manufacturing sector deteriorated for a sixth straight month in October, a survey by Markit Economics showed Thursday.
The seasonally adjusted Markit/ Chartered Institute of Purchasing and Supply (CIPS) purchasing managers' index fell to a three-month low of 47.5 in October from a revised figure of 48.1 in September.
Economists expected a modest fall in the index to 48 from September's original reading of 48.4. Companies continued to face a combination of declining export sales, weaker domestic demand and rising cost pressures, Markit said in the survey report.
Production volumes declined for a fourth straight month, with the rate of decline the second-sharpest during the past three-and-a-half years.
Total new orders fell for the seventh month running and at a faster pace than in September. New export orders declined at the second-fastest pace in just over a year, mainly due to the ongoing economic weakness seen in mainland Europe.
Manufacturing employment declined for the second successive month in October, the survey showed.
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