Manufacturing Snapshot
Still solid
The Performance of Manufacturing Index (PMI) may have fallen in July, but remains firmly in expansionary territory at 54.3 on a seasonally adjusted basis. This returns the PMI close to its levels at the start of the year, before the onset of conflict in the Middle East and the subsequent oil price uncertainty.
Some cautionary tone in sentiment
Although the manufacturing sector remained buoyant in July, sentiment contained some cautionary notes.
Most industries expanding
Most industries continued expanding in July, building on strength from the month prior. Non-metallic mineral production remained below 50 but improved on its June result.
A positive start to Q3
Overall, July’s PMI result paints a positive start to Q3. The data adds to several forward-looking indicators which have suggested economic momentum is building.
