UK manufacturing PMI due for partial rebound? – RBS

Ross Walker, Senior UK Economist at RBS, notes that the UK manufacturing PMI fell sharply in February as the hitherto resilient survey began to converge with the recessionary official data.

Key Quotes

“February’s 50.8 outturn marked a two-year low, so we expect a modest pick-up in March to 51.3, consistent with the improvement in the latest euro area data (‘flash’ PMI 51.4 from 51.2, German IFO 106.7 from 105.7).”