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.
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.
The full S&P Global/CIPS UK Manufacturing PMI® Report is attached.
Tel: 020 7747 8121 (direct line)