Manufacturing in the United Kingdom continued to recover in August, a report by S&P Global confirmed on Monday. The manufacturing Purchasing Managers’ Index (PMI) was unchanged from the preliminary estimate at 52.5, up from 52.1 in July, representing a 26-month high. Domestic orders increased, compensating for weak exports. The employment growth rate was the fastest since July 2022, while work backlogs continued to fall.
“UK manufacturers are experiencing difficulties in securing new contract wins overseas due to weaker demand from Europe, a slowdown in mainland China, freight delays, competitiveness issues, high shipping costs, global conflicts and political uncertainty. Many of these issues are also impeding imports which, while benefiting domestic suppliers, is causing supply chain-related production constraints as witnessed by a further marked lengthening of supplier delivery times,” warned Director at S&P Global Market Intelligence Rob Dobson.
