UK PMI Manufacturing was finalized at 46.2 in October, down from September’s 48.4. That’s the lowest level in 29 months, and the reading has been below 50 mark for three consecutive months.
S&P Global noted that output, new orders and new export business all declined. Job cuts were registered for the first time in almost two years. Input cost and selling price inflation eased slightly.
Rob Dobson, Director at S&P Global Market Intelligence, said: “UK manufacturing production suffered a further decline at the start of the fourth quarter, with the sector buffeted by weak demand, high inflation, supply-chain constraints and heightened political and economic uncertainties…. The darkening situation also knocked business optimism down to a two-and-a-half year low… On current form manufacturing is in no position to help prevent the broader UK economy from sliding into recession.”
