Investing.com - Manufacturing activity in the U.K. expanded at a slower rate than expected in December, dampening optimism over the country’s economic outlook, industry data showed on Thursday.
In a report, market research group Markit said that its U.K. manufacturing PMI fell to a seasonally adjusted 57.3 last month from a reading of 58.1 in November. Analysts had expected the manufacturing PMI to ease down to 58.0 in December.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said, “On its current track, the sector should achieve output growth of over 1% in the final quarter while filling around 10-15 thousand jobs, continuing its positive contributions to both the broader economic and labor market recoveries.”
Following the release of the data, the pound was little changed against the U.S. dollar, with GBP/USD dipping 0.03% to trade at 1.6555.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.6%, France’s CAC 40 dropped 0.7%, Germany's DAX slumped 0.65%, while London’s FTSE 100 inched down 0.4%.
In a report, market research group Markit said that its U.K. manufacturing PMI fell to a seasonally adjusted 57.3 last month from a reading of 58.1 in November. Analysts had expected the manufacturing PMI to ease down to 58.0 in December.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said, “On its current track, the sector should achieve output growth of over 1% in the final quarter while filling around 10-15 thousand jobs, continuing its positive contributions to both the broader economic and labor market recoveries.”
Following the release of the data, the pound was little changed against the U.S. dollar, with GBP/USD dipping 0.03% to trade at 1.6555.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.6%, France’s CAC 40 dropped 0.7%, Germany's DAX slumped 0.65%, while London’s FTSE 100 inched down 0.4%.