Budget News

Economic Buzz: UK Manufacturing PMI Edges Up To 46.5 In November
December 01,2022 15:27
November saw the UK manufacturing sector contract further, as companies reported lower output, weaker new work intakes and reduced employment. The intermediate goods sector fared especially poorly, while downturns also continued at consumer and investment goods producers. The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers' Index (PMI) edged up to 46.5 in November, from 46.2 in October. The PMI remained below the neutral 50.0 mark for the fourth month running and posted one of its lowest levels during the past 14 years.
Manufacturing production contracted for the fifth successive month, linked to reduced inflows of new business, supply chain disruptions and ongoing shortages of numerous components on international markets. November also saw the total intake of new work decline, as manufacturers experienced weaker demand in both domestic and overseas markets. Employment fell for the second month running, with the rate of job cutting the steepest in two years. Purchasing activity was cut back sharply during November, reflecting elevated cost pressures, weak demand and still high stock holdings at some firms. Reduced demand for inputs also lessened the pressure on suppliers. Input price inflation remained above the long-run survey average, despite easing to its second-weakest since the start of 2021.
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