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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United KingdomUnited Kingdom S&P Global/CIPS Manufacturing PMI climbed to 47.1 in January 2024
FMPMonthlyReleased February 2024
United Kingdom S&P Global/CIPS Manufacturing PMI climbed to 47.1 in January 2024, released February 2024, up 0.1 from December's 47 reading. The reading matched the 47.5 consensus.
Latest Release
47.100000
Actual
47.500000
Consensus
47.000000
Previous
Median Absolute Error
±0.52
across last 12 releases
Last Call
Feb 2024
Predicted: 47.53
Actual: 47.1
Error: +0.42
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| GBP/USD | ▲ Direct | +0.50 | FOREX | Moves with | → View |
| EUR/GBP | ▼ Inverse | −0.45 | FOREX | Moves against | → View |
| GBP/JPY | ▲ Direct | +0.40 | FOREX | Moves with | → View |
| FTSE 100 | ▲ Direct | +0.35 | INDEX | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
S&P Global/CIPS Manufacturing PMI (United Kingdom) was reported at 47.10 in January 2024. This missed the market consensus of 47.50 by 0.40. The reading rose from the previous value of 47.00. This is classified as a high-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 47.13, up from the prior three at 46.77.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with GBP/USD (Bullish GBP). A secondary relationship exists with EUR/GBP, negatively correlated (Bearish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 0.52.
Auto-generated from current model state · Refreshes on each release · Last update February 2024.
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S&P Global/CIPS Manufacturing PMI - UK
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About S&P Global/CIPS Manufacturing PMI — United Kingdom
DEFINITION
The S&P Global/CIPS Manufacturing PMI is a widely recognized financial indicator that measures the performance of the manufacturing sector in major economies around the world. It provides valuable insights into the health and growth of the global economy, as well as the strength of individual countries' manufacturing industries. This indicator is based on a monthly survey of purchasing managers, making it a timely and reliable source of information for investors, businesses, and policymakers. With its comprehensive and objective methodology, the S&P Global/CIPS Manufacturing PMI is a key tool for assessing the current and future state of the global manufacturing sector.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Feb 2024): actual 47.1, consensus 47.5. Prior reading (Jan 2024): 47. Before that (Jan 2024): 47.3.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook diverging from that direction. The 1-month and 3-month horizons disagree, suggesting a mixed signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with GBP/USD (Bullish GBP, r=0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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