Britain’s manufacturing PMI slowed in June

Data showed that Britain’s manufacturing PMI fell to 46.5 points in June, compared to 47.1 points in May, the lowest reading this year and the eleventh month in a row below the 50-point level of growth. Factories for materials and energy fell by the largest amount since February 2016, and the prices charged by manufacturers fell for the first time since April 2016. The PMI measure of future production fell to its lowest level this year, with employment falling for the ninth month in a row. The data showed that British factory production in April It was 0.9% lower than last year, the smallest annual decline since January 2022. The Bank of England is watching indicators of price pressure closely as it judges the number of additional interest rate increases needed to control inflation in Britain.