This morning the PMI flash figures for July were released and they show the purchasing manager's index down to 47.7 from 52.1 in June. Any figure above 50 shows an expansion while figures less than 50 point to a contraction and the drop between June and July is the biggest since the height of the financial crash in 2009.
The pound dropped a cent within a few minutes of the information being released.
The PMI figure is an important first real indicator of sentiment in the UK business sector following the Brexit vote. The Telegraph has an odd schizophrenic page in the business section. Alastair Heath has a piece entitled - So far so good for the post Brexit economy while on the opposite side of the page the Live Blog has - Pound tanks and FTSE erases losses as UK economy contracts at steepest pace since 2009. Poor Mr Heath, he should read his own paper more.
The PMI figure is an important first real indicator of sentiment in the UK business sector following the Brexit vote. The Telegraph has an odd schizophrenic page in the business section. Alastair Heath has a piece entitled - So far so good for the post Brexit economy while on the opposite side of the page the Live Blog has - Pound tanks and FTSE erases losses as UK economy contracts at steepest pace since 2009. Poor Mr Heath, he should read his own paper more.
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