2023-08-01 04:59:15 ET
The S&P Global/CIPS UK Manufacturing PMI came in at 45.3 in July 2023, which was revised upwards from a preliminary estimate of 45.0.
However, the latest reading was the lowest so far this year and tied for the weakest since May 2020, indicating a sharp deterioration in operating conditions.
Both manufacturing output and incoming new business experienced further contraction, with new export business falling for the eighteenth consecutive month and at one of the quickest rates in the past three years.
Additionally, employment levels declined the most in seven months, attributed to weak demand, strong competition, and efforts to protect margins.
On the price front, input costs fell for the third consecutive month, and the rate of decline came close to June's 88-month record, while selling prices remained little-changed.
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UK manufacturing PMI at 45.3 in July, weakest since May 2020