UK manufacturing production down to 29-month low in October

By Aysu Bicer

ANKARA (AA) – The UK's manufacturing purchasing managers index (PMI) dropped to 46.2 in October, marking the steepest pace of contraction in the sector since May 2020, a US-based financial services company said on Tuesday.

"Output contracted for the fourth successive month, as a steep drop in new work received, weak export demand and supply-chain disruption led to a scaling back of both production and employment," said global data provider S&P Global.

Lower demand was felt across industry, it also said.

The figure was down from 48.4 in September.

Rob Dobson, director at S&P Global Market Intelligence, said: "The darkening situation also knocked business optimism down to a two-and-a-half year low, as concerns about the weak demand outlook, recession, inflationary pressure and sustained uncertainty hit confidence.

"The labour market picture has also deteriorated, with companies cutting jobs for the first time in almost two years while still struggling to recruit and retain appropriate staff."