UK manufacturing activity edged up in April after easing to its weakest in over a year in March on Russia’s invasion of Ukraine.
- The S&P Global/CIPS manufacturing purchasing managers’ index (PMI) increased to 55.8 in April from March’s 13-month low of 55.2, a bigger jump than an earlier flash estimate of 55.3.
- 55% of manufacturers were expecting output to increase over the coming year, but this signaled the weakest outlook since 2020 as domestic orders rose by the least since January last year.
- S&P Global stated that lackluster demand from the EU was attributable to longer delivery times, customs checks and increased shipping costs post-Brexit.
Over 60% of manufacturers in the UK raised prices in April after the costs of inputs like energy and raw materials rose by the second-biggest level on record.
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Source: S&P Global.