UK manufacturing activity at 31-month low in December - Breaking The News
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UK manufacturing activity at 31-month low in December

Economy
Christian Baha / JG

1 min read

EPA/FORD

The UK manufacturing sector's decline accelerated further in December, with the Purchasing Managers' Index (PMI) at a 31-month low of 45.3, S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) said in their report published on Tuesday.

The five PMI sub-indices indicated a weaker operating climate for the UK economy. Output, new orders, employment, and purchasing stocks dropped at an accelerated pace, while vendor delivery times ( reflecting supply chain stress) lengthened by the smallest extent since January 2022.

“The downward trend over the last few months as a result of high inflation and falling orders impacting output and employment levels continued at an accelerated pace in December, with the index posting at one of the lowest levels since the last recession," said Dr. John Glen, Chief Economist at the Chartered Institute of Procurement & Supply.

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