Just out: UK PMI fell to 50.5 from the 51.9 in the previous month.
This is below forecasts of 51.5.
According to Markit (.pdf) new export orders fell to their lowest level of May 2009.
Here’s the key chart.
Here’s the comment on export orders:
Total new order books fell slightly for the first time in five months in April. This mainly reflected a sharp
drop in new export business – the steepest since May 2009 – resulting from weaker demand from
mainland Europe, the US and East Asia. There were also reports of tough market conditions and
Of course, the UK is already in recession, or appears to be in one based on the preliminary Q1 GDP number. So no real surprise that this measure isn’t looking so good.
And via FinViz, here’s the UK pound instantly falling on the news: