The manufacturing sector in the UK reported slow growth in May, with a hit to demand pushing to a seven-month low for output.
- The seasonally adjusted S&P Global-CIPS UK manufacturing purchasing managers’ index dropped to 54.6 points in May, down from 55.8 in April.
- The slowdown was attributable to weaker growth of domestic demand, lower intakes of new export work, and ongoing disruption driven by stretched supply chains and the war in Ukraine.
- Rob Dobson, director at S&P Global Market Intelligence, stated that the manufacturing firms faced a series of headwinds during the month.
Dobson further stated that factories are reporting a slowdown in domestic demand, declining exports, shortage of inputs and staffs, and increased concern about the outlook due to geopolitical uncertainties.
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Source: S&P Global