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Financial News: UK Manufacturing Growth Eases In May

UK Manufacturing Growth Eases In May

06/01/2022 - 09:08:00 (RTTNews)

(RTTNews) - The UK manufacturing sector growth eased in May as weak domestic demand, ongoing disruption in supply chain and rising cost pressures weighed on production, final data from S&P Global showed on Wednesday.

The Chartered Institute of Procurement & Supply factory Purchasing Managers' Index posted 54.6 in May, in line with flash estimate, but down from 55.8 in April. Nonetheless, the reading remained above the 50.0 mark for 24 straight months.

Manufacturing output increased at the slowest pace since October 2021. New orders grew at the weakest pace in the current 16-month sequence of expansion. May saw new export orders decline for the eighth time in the past nine months.

Input cost inflation remained high in May, but eased from April's near-survey record high. Selling prices rose at a rate close to April's survey record high.

Employment advanced for the seventeenth successive month in May, albeit at the slowest pace since last October.

The survey showed that sentiment among manufacturers slipped to a 17-month low, amid fears of a possible global recession, rising cost pressures and stretched world supply chains.

Suffering a potent cocktail of more disruptions, rising cost pressures and a go-slow UK economy, businesses will be on a knife edge that any business decisions will be the right ones for the coming months, Duncan Brock, group director at the Chartered Institute of Procurement & Supply, said.

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