Manufacturing PMI at Lowest Level on the Year The Markit/CIPS UK Manufacturing PMI reading for July came in at 55.4, the lowest print this year so far. Forecasts called ofr a reading around 57.2. June’s print was also revised lower to 57.2 from 57.5. UK July’s reading not only bucked but completely reversed the improvements in the manufacturing PMI since March (55.8). Monetary Policy Implication A reading above 50 reflects expansion in the sector, but the drop to the lowest of the year suggests the growth in the UK could be easing in Q3. If so, the BoE might not be able to raise rates in 2014. Even if growth is ... (full story)