Growth in the UK’s manufacturing sector hits one-year low

The UK’s manufacturing industry noted little growth during the first quarter of 2018, reaching a one-year low.

According to Reuters, the HIS Markit/CIPS Purchasing Managers’ Index (PMI) for the UK’s sector was recorded as 55.1 in March from 55.0 in February.

A preliminary poll of economics executed by Reuters forecast for the PMI to hit 54.5.

January’s PMI reading was revised lower, and the quarter as a whole was noted that factory output rose by about 0.4% or 0.5% - down from 1.3% in the last three months of last year.

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Euro zone manufacturing reached an eight-month low in March, a Reuters notes a PMI claiming.

“The latest PMI survey provided further evidence that UK manufacturing has entered a softer growth phase so far this year,” stated HIS Markit Director of Data, Rob Dobson.

“Although the pace of output expansion ticked higher in March, which is especially encouraging given the heavy snowfall during the month, this was offset by slower increases in new orders and employment.”