Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
The UK manufacturing sector returned to growth in May, according to purchasing managers’ index survey results on Monday.
The seasonally adjusted S&P Global UK manufacturing purchasing managers’ index rose to 51.2 in May from 49.1 in April. This was its highest reading since July 2022, but below an earlier flash estimate of 51.3 points.
It fell behind FXStreet-cited consensus, which was also 51.3.
Nevertheless, manufacturing production expanded at the quickest rate since April 2022.
‘May saw a solid revival of activity in the UK manufacturing sector, with levels of production and new business both rising at the quickest rates since early-2022. The breadth of the recovery was also a positive, with concurrent output and new order growth registered for all of the main subindustries (consumer, intermediate and investment goods) and all company size categories for the first time in over two years,’ said Rob Dobson, director at S&P Global Market Intelligence.
‘The latest PMI survey data provided a mixed picture for price pressures at manufacturers, however. At the factory gate, output charge inflation strengthened for the fifth successive month and to its highest level in a year. That said, a solid easing in the rate of increase in input costs should help prevent price pressures from becoming embedded.’
The PMI is compiled by S&P Global from responses to questionnaires sent to survey panels of around 650 manufacturers. Responses were collected between May 9 and 28.
Copyright 2024 Alliance News Ltd. All Rights Reserved.