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Financial News: UK Factory PMI At 29-Month Low

UK Factory PMI At 29-Month Low

11/01/2022 - 07:17:00 (RTTNews)

(RTTNews) - The UK manufacturing activity contracted at the fastest pace in more than two years in October on steep fall in orders, final data from S&P Global showed on Tuesday.

The Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 46.2 in October from 48.4 in September.

The index has remained below the 50.0-mark for three consecutive months, signaling contraction. Nonetheless, the reading was above the flash estimate of 45.8.

New order intakes declined at the fastest pace since May 2020 largely due to weak domestic market conditions. Sales from overseas clients also fared poorly. The shortfall in new order intakes led to a surge in stocks of finished goods. Inventories grew for the sixth straight month.

The survey showed that the deterioration in new order inflows hurt employment, purchasing activity and manufacturers' business optimism in October.

Manufacturers reported a fall in employment for the first time since December 2020 reflecting redundancies and as part of cost control initiatives.

Business optimism dipped to a two-and-a-half year low, as weak demand, recession fears, inflationary pressures and rising uncertainty hit confidence.

On the price front, the survey revealed that input cost and selling price inflation eased slightly. The war in Ukraine, general inflationary pressures and the sterling exchange rate all contributed to higher prices.

"On current form manufacturing is in no position to help prevent the broader UK economy from sliding into recession," Rob Dobson, director at S&P Global Market Intelligence, said.

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