FTSE and pound hit as manufacturing survey’s results weaker than expected
Uk shares and the pound were down against the dollar after a survey revealed that the UK's manufacturing sector was not growing as quickly as hoped.
The purchasing managers' index (PMI) for manufacturing rose to 52 in May – 2 points into expansion. This was up on April's 51.8 figure, but was lower than expectations.
While manufacturing has had 27 consecutive months of growth, hiring in the sector in May was at its lowest pace for two years, and growth failed to reach the levels hoped for.
In reaction, the FTSE ended down 30.86 at 6953.58, despite a positive open.
The pound also fell – ending the day at 0.65 per cent lower against the dollar.