Sterling lost ground to the euro and the dollar today on news that the Markit/CIPS purchasing managers’ index measuring manufacturing growth declined to a reading of 57.1 in March compared to a revised reading of 60.9 last month. A reading above 50 means the manufacturing sector is experiencing growth.
The mini-boom in UK manufacturing ran out of steam during March as faltering domestic consumer confidence, inflationary pressure and supply chain disruption combined to slow down expansion,” said David Noble, chief executive of CIPS. “Hopes that the UK economy might start to rebalance towards manufacturing seem to be withering on the vine,” he added.
Source: BBC News