 "UK manufacturing output, demand decline at the fastest rate since May 2020: Survey")
New Delhi: As the factories across Europe suffer due to rising costs and high demands, British manufacturing output and the new orders witnessed the fastest decline in July since May 2020, as per a survey released on Monday.
Important indices like The S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index fell to 52.1 in the last month from 52.8 in June. It revised down slightly from a preliminary “flash” reading of 52.2 in the month of July, Reuters quoted the survey as saying.
This fall would have been more pronounced, had the survey’s jobs index not been revised upwards.
The gauges of output and new orders mentioned in the survey fell sharply and reached their lowest since the onset of the COVID-19 pandemic resulting in a widespread economic shutdown.
Manufacturers being hit by the rising inflation was also witnessed by a survey by Lloyds Bank released on Friday.
“The reduction in total new orders was linked to the cost of living crisis, weak domestic demand, client uncertainty, warmer-than-usual weather, and lower intakes of new export business," Reuters quoted a survey compiler of S&P Global as saying.
As per S&P Global the export orders also contracted, in part due to issues arising from Brexit as the UK left the European Union.
Input and output prices of the manufacturing sector rose at the slowest pace in more than a year, the survey found. This is a reflection of the extent of inflation in the country.
Quick Reads
View AllExperts estimate that the Bank of England will raise interest rates by 50 basis points in place of 25 basis points on 4 August. the Bank seeks to stop the recent inflation surge of 9.4% from being embedded in the economy, Reuters reported.
With inputs from Reuters
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