Latest data released by Markit - 1 April 2019
- Prior 52.0; revised to 52.1
The headline print beats expectations handily but the devil is in the details. Stockpiling due to Brexit uncertainty is once again the key cause in the jump as noted in the data preview, with stocks of purchases index rising to 66.2 from 59.9 in February - that's a new G7 record.
The stockpiling frenzy is masking the weakness in the UK manufacturing sector again so don't be too alarmed by the jump in the headline print for March. Cable rose to a high of 1.3094 on the back of the release here but I would expect those gains to be tempered with slightly as the details show a much more subdued picture.
