UK Manufacturing PMI is expected to print at 50.2 in September, showing that the industrial sector expanded for the second time in three months, rising from 49.7 recorded in the previous month to match the July outcome. Teetering between expansion and contraction seems reflective of what policymakers at the Bank of England have said will be an “uneven” recovery that would amount to a “long had slog” before conditions returned to levels seen before the onset of the global economic crisis in 2008. Some moderation from last year’s lows is reasonable considering governments around the world have collectively spent close to $2 trillion to prop up global growth, but it remains uncertain whether this can kick-start a sustainable recovery once fiscal measures are withdrawn.
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