The UK manufacturing sector has experienced its longest period of decline since the global financial crisis, according to a survey. The S&P Global/CIPS UK manufacturing PMI survey revealed that manufacturing activity has declined for 15 consecutive months, with production output falling for the eighth month in a row. Weak demand both domestically and internationally has led to fewer orders for manufacturers, particularly in Europe, China, and Brazil. However, price pressures have decreased, with lower costs for energy, fuel, transportation, and commodities.
UK factory production has seen the longest period of decline since the global financial crisis as the sector weighs heavy on the economy, an influential survey has found.The closely watched S&P Global/CIPS UK manufacturing PMI survey rose from 44.3 in September to 44.8 last month.
Exports have been stagnating for nearly two years, with less new work coming from Europe, China and Brazil. “Companies are finding trading conditions difficult as they face headwinds from client destocking, market uncertainty and the impact of the cost-of-living crisis on consumer demand.” The cumulative effect of tough business conditions led optimism among firms to drop to a 10-month low in October.
UK Manufacturing Decline Financial Crisis Survey Production Output Demand Orders Exports Price Pressures Bank Of England Interest Rates Recession
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