Financial News: UK Manufacturing Growth Strongest In 26 Months

UK Manufacturing Growth Strongest In 26 Months

09/02/2024 - 08:11:00 (RTTNews)

(RTTNews) - The UK manufacturing sector expanded at the quickest pace in more than two years in August as output, new orders, and employment all continued their recovering trend, final survey data released by S&P Global revealed on Monday.

The manufacturing purchasing managers' index climbed to 52.5 in August from 52.1 in July. A reading above 50 indicates expansion. The flash reading was also 52.5.

Production grew for the fourth successive month in August, in response to rising new order intakes. The uptake in new business was driven by better market sentiment, which was more evident in the domestic economy as new export orders continued to decline.

The weaker foreign demand was due to fewer order intakes from Europe, a slowdown in mainland China, freight delays, competitiveness issues caused by high shipping costs, global conflicts, and political uncertainty.

In line with rising new orders and output, British manufacturers increased their workforce numbers further in August, with the rate of job creation rising to the strongest in over two years.

On the price front, input prices signed further rise amid higher prices for energy, metals, plastics, and timber. Apart from that, supplier price increases, higher shipping costs, currency movements, and material shortages drove higher inflation. Nonetheless, the rate of inflation eased somewhat for both input and output prices.

Looking ahead, the outlook about expected production over the next twelve months remained positive in August, linked to new client wins, product launches, efforts to open up new markets, promotional activity, and hopes for economic recovery.

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