UK PMI Manufacturing was finalized to 48.0 in November, marking a nine-month low and reflecting a deepening contraction in the sector. The decline from October’s 49.9 underscores persistent challenges, including high costs, subdued demand, and a “bleak” export environment.
Rob Dobson, Director at S&P Global Market Intelligence, noted that conditions “deteriorated again” as manufacturers faced falling output, reduced orders, and cutbacks in purchasing, jobs, and inventories.
Exports remained under pressure, with weaker demand from key markets in the US, China, and the EU driving a further decline in new export business. Supply chain disruptions also intensified, fueled by the ongoing Red Sea crisis, port delays, and border regulation challenges.
Looking ahead, the manufacturing sector faces additional headwinds. Recent UK budget measures, including higher labor costs and employer national insurance contributions, are expected to increase operational expenses in 2025.
Combined with rising geopolitical tensions and the threat of heightened global protectionism, manufacturers are bracing for an extended period of “high costs, low demand and raised uncertainty”.
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