Economic Buzz: UK Manufacturing PMI Falls To 47.3 In August

1 Sep 2022 , 04:19 PM

The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers Index? (PMI?) fell to 47.3 in August, down from 52.1 in July but above the flash estimate of 46.0. This is the first sub-50.0 PMI reading since May 2020. August saw manufacturing production suffer its steepest contraction since May 2020. Companies experienced a sharp reversal in new orders, with demand from domestic and overseas clients contracting sharply. This led to a near stalling of jobs growth and drop in business optimism. Manufacturing production registered a steep decrease during August, with substantial contractions across the consumer, intermediate and investment goods sectors. The decline reflected weaker intakes of new work, reduced new export business and shortages of both staff and raw materials. Powered by Commodity Insights