UK manufacturing PMI falls in March

A study by the American media holding S&P Global and the British institute CIPS showed that the manufacturing sector in the UK saw a weakening of business activity in March. This was indicated by a specially calculated PMI index, which amounted to 55.5 points. In the previous month, its value was fixed at 58 points. The forecast of economists suggested a less sharp drop in the index – to 56.7 points. Nevertheless, the manufacturing PMI remained in the zone above the neutral level of 50 points, which indicates the expansion of activity. At the same time, the situation in the service sector has improved. The corresponding index rose this month to 61 points from 60.5 points. Its value turned out to be better than market estimates of 58 points. The results of the study point to the continued growth of activity in the country, even in the face of the negative impact of Russia’s military intervention in Ukraine and increasing inflationary pressure. At the same time, expectations in British business circles about the economic outlook have worsened, which is associated with problems in the supply chains, which may worsen in connection with the war unleashed by the Russian Federation against Ukraine.

Source: xCritical.com