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UK manufacturing tumbles to 25-month low

UK manufacturing tumbles to 25-month low
PMI down for 1st time since May 2020

By Gokhan Ergocun

ISTANBUL (AA) – Manufacturing activity in the UK slumped to the lowest level in 25 months in July, according to latest figures released on Monday.

The manufacturing purchasing managers’ index (PMI) fell to 52.1 last month from 52.8 in June, the first contraction since May 2020, data provider S&P Global said.

“Output contracted for the first time in over two years as intakes of new work and new export business both continued to decline,” read a report.

The decline also stemmed from weaker market demand, difficulties in sourcing components and transportation delays.

“Rising market uncertainty, the cost of living crisis, war in Ukraine, ongoing supply issues and inflationary pressures are all hitting demand for goods at the same time, while lingering post-Brexit issues and the darkening global economic backdrop are hampering exports,” said Rob Dobson, director at S&P Global Market Intelligence.

source: News Feed
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