UK April Manufacturing PMI Rises
UK manufacturing contracted slightly in April, the first vital data of the second quarter showed today. The manufacturing Purchasing Managers’ Index (PMI) increased to 49.8 in April from a higher adjusted 48.6 in March. Manufacturing production dropped 0.3 percent in the first quarter while the economy grew 0.3 percent. In other news, UK house prices dipped unexpectedly in April from March.
Also, US Manufacturing grew in April at the slowest pace this year, as orders and production declined, signalling the industry will contribute less to U.S. economic growth this quarter. Although the manufacturing report showed housing and auto-related industries exceeded other areas in March; indicating consumer spending is strengthening growth, while exports increased at the fastest rate in a year.