Manufacturing PMI drops to four-month lows

The figure has dropped from January’s 11-month high, and despite a sharper rise in exports.

“Although the PMI registered below the levels seen in the first quarter of the year, it remains at an elevated level in April and indicative of a strong overall improvement in manufacturing conditions.

"The downward movement in the headline figure mainly reflected weaker job creation, with output growth little changed from March,” wrote Trevor Balchin, Senior Economist at Markit, which co-publishes the monthly report with HSBC.

A neutral PMI rating of 50 means that businesspeople in the country feel that the economy will not change over the next month. A higher rating means that it will improve, while a PMI rating below 50 indicates that many think it will deteriorate. (rg)