The final data from IHS Markit on Thursday revealed that manufacturing activity in the UK was revised down in June.
In June, the seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) was revised down to 63.9 from 64.2 predicted and 64.2 in the first estimate.
Stresses in the supply chain have resulted in price hikes that have never been seen before.
Output, new orders, and employment continue to expand strongly.”
At the conclusion of the second quarter, UK manufacturing maintained a near-record rate of expansion, as the reopening of economies at home and abroad aided greater production, new orders, and employment. Solid company confidence and growing work backlogs also indicate that the present upturn has room to run.”
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However, rising cost inflationary pressures continue to plague the industry, as Brexit-related trade concerns have compounded global supply chain bottlenecks. As a result of the widespread raw material shortages, buy prices rose to historic heights, resulting in an exceptionally high rise in selling prices. Supply concerns are also causing production schedules to be disrupted and the re-building of buffer stocks to be hampered.”
On BOE Governor Andrew Bailey’s comments and the UK Final PMI, the GBP bears remain in command, touching weekly lows near 1.3790.
The price of the contract was last spotted at 1.3796, down 0.22 percent on the day./n
