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Markit Economics released its manufacturing purchasing managers' index (PMI) for the U.K. on Tuesday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. decreased to 51.5 in August from 51.9 in July, missing expectations for a rise to 52.0.
A reading above 50 indicates expansion.
The decline was driven by a drop in purchase prices. Average costs showed the steepest decline during the past 16 years.
"Some of the underlying dynamics of the manufacturing survey did improve in August, such as the indices for output and new orders ticking higher, but the sector remains highly dependent on the domestic market, especially the consumer, to eke out any growth," Markit's Senior Economist Rob Dobson said.
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