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UK PMI manufacturing finalized at 48.4, goods producing sector a drag on GDP

UK PMI Manufacturing was finalized at 48.4 in September, up from August’s 47.3. S&P Global said output and new orders fell further. New export business declined. Input costs and output price inflation accelerated.

Rob Dobson, Director at S&P Global Market Intelligence, said: “The downturn in UK manufacturing continued at the end of the third quarter, meaning the goods producing sector looks set to have acted as a drag on GDP. Manufacturers have once again cut back production as new order intakes declined for the fourth successive month.

“Factories are reporting tough market conditions both at home and abroad. Disappointingly, exports continue to fall despite the more competitive exchange rate.

“There was also less positive news on the price front, with rates of inflation in input costs and selling prices both picking up in September, linked in part to import costs rising due to the weaker pound.

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