UK Manufacturing PMI tumbles below 50 mark - TDS

Research Team at TDS, notes that at 49.2, the Manufacturing PMI tumbled below the all-important 50 mark for the first time since March 2013, confirming our downside risks, but coming in far worse than expected.

Key Quotes

“Details were negative across the board, with employment and stocks of purchases both declining outright. Respondents cited worries about the upcoming EU Referendum as well as weak overseas orders as the main cause of the decline. The weakness in export orders is surprising given the strength seen in this component in the German, Sweden, and Norway manufacturing PMIs in April.”