UK PMI - The overall index of the manufacturing PMI fell from 56.9 to 54.3 in August; JPMorgans estimates were 56.0; Consensus 57.0). The output reading fell by less, from 58.1 to 56.0, and remains higher. This reading is still clearly above its average of 51.5, and consistent with manufacturing growth at a fairly decent pace (by UK standards) of 2%, ar. However, the new orders reading fell sharply from 58.5 to 52.0, to its lowest level since June 2009. This leaves the impression that manufacturing activity is slowing more quickly.
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