UK manufacturing PMI in February dropped to 50.8, its lowest reading since April 2013. The actual figure was slightly above the stagnation mark, but well below the expected figure of 52.2. The PMI stood at 52.9 in January. Key Points New export business declined for the second straight month Manufacturing employment fell for the second successive month, but rate of decline was modest Both input costs and output charges fell further. Companies reported lower costs for commodities (especially oil) Factory gate prices declined for sixth straight month For more information, read our latest forex news.