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01.03.2016 11:23

Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. decreases to 50.8 in February

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 50.8 in February from 52.9 in January, missing expectations for a fall to 52.2. it was the lowest level since April 2013.

A reading above 50 indicates expansion.

The decrease was driven by a drop in output.

"The near-stagnation of manufacturing highlights the ongoing fragility of the economic recovery at the start of the year and provides further cover for the Bank of England's increasingly dovish stance. The breadth of the slowdown is especially worrisome," Markit's Senior Economist Rob Dobson said.

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