Some good news as weaker Sterling helps manufacturing PMI beat expectations by a country mile, indicating a solid bounce back from last month.
I appreciate that PMIs are apparently worthless but thought it merited a mention.
https://www.markiteconomics.com/Surv...c6b7836894b80f
Quote:
Key findings:
UK Manufacturing PMI posts 53.3 in August
Trends in production and new orders post solid rebounds
Weaker sterling currency drives up export orders and input costs
August saw solid rebounds in the trends in UK manufacturing output and incoming new orders.
Companies reported solid inflows of new work from both domestic and export sources, the latter
aided by the sterling exchange rate. Employment rose for the first time in the year-to-date.
At 53.3 in August, the seasonally adjusted Markit/CIPS Purchasing Managers’ Index® (PMI®)
recovered sharply from the 41-month low of 48.3 posted in July following the EU referendum.
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Good stuff, but caveating this manufacturing is a small part of the economy.
If services have also recovered this would be excellent and implies that the shock from the vote has subsided somewhat and the activity that was held back before the referendum is being done now, however it's likely that services will not be as rosy for obvious reasons - free trade in goods is way easier than services.
Have at it.
---------- Post added at 13:15 ---------- Previous post was at 12:47 ----------
Incidentally
the issues here are why Article 50 hasn't been triggered yet.
Just a few things to work through before the 2 years runs out after doing so.