Davy Research

Market comment

UK manufacturing PMI decouples from global surveys

DAVY VIEW

Despite the sustained upturn in global manufacturing PMIs, the recovery in the UK has failed to keep pace. In December, the UK manufacturing PMI fell to 56.3 from 58.2 in November, while the Eurozone PMI rose to a record high of 60.6 and the global PMI reached a seven-year high. UK manufacturing has performed relatively well of late, but the anaemic growth in business investment means that the sector will soon hit capacity constraints, curtailing the positive effects of weaker sterling.

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