LONDON, Sept 1 - Following is a selection of economists' reactions on the August CIPS/ PMI survey and July consumer credit data. The manufacturing PMI rose to 51.9 in August from 51.1 in July and versus analysts' forecasts of 51.3. Consumer credit rose by 1.54 billion pounds in July compared with analysts' forecasts of a 1.8 billion increase but mortgage lending rose by a record 8.35 billion pounds..
PHILIP SHAW, INVESTEC
"The PMI provides encouraging evidence that the manufacturing sector is on the road to recovery and this is supported by further increases in new orders and exports. "Meanwhile, the consumer credit numbers were softer in July but this has to be set against a very firm June and a record rose in mortgage lending. This report should not be taken as evidence of consumer retrenchment."//