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Financial News: UK Manufacturing Growth Improves In October

UK Manufacturing Growth Improves In October

11/01/2021 - 05:56:00 (RTTNews)

(RTTNews) - The UK manufacturing activity growth improved in October for the first time in five months but output expanded at slower pace due to rising supply chain disruption, staff shortages and falling foreign demand, final data from IHS Markit showed on Monday.

The Chartered Institute of Procurement & Supply manufacturing final Purchasing Managers' Index rose to 57.8 in October from 57.1 in September. The flash reading was 57.7.

The growth was held back by the slowdown in output growth. Due to supply chain delays and shortages of raw materials, manufacturing production grew at the slowest pace in eight months.

Lower intakes of new export work also had an impact on production volumes. New export business fell, albeit slightly, for the second successive month. Overall new order intakes rose at a slightly quicker pace linked to economic growth and clients raising purchases.

Further, the survey showed that the overall degree of positive sentiment dipped to an eight-month low.

Continued optimism at manufacturers, alongside signs of demand growth stabilizing, encouraged stronger job creation in October.

Input price inflation accelerated and remained among the highest seen in the survey history, with companies reporting a vast array of inputs as up in price. This fed through to output charges which rose to the greatest extent on record.

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