UK Manufacturing Output Growth Slows to 7-Month Low

Source: S&P Global

UK manufacturing output growth slowed to a seven-month low in May, as domestic demand and new export work weakened during the period. EWU is flat, while VGK is down 0.06% premarket.

• The S&P Global/CIPS UK Manufacturing Purchasing Mangers’ Index stood at 54.6 in May, down from 55.8 in April.
• Manufacturing output growth to the slowest since October 2021, with consumer goods contracting for the first time in 15 months.
• New orders received posted the slowest growth in 16 months, hit by supply chain issues and subdued client confidence.
• New export orders contracted for the eighth time in the last nine months, attributed to lower inflows from overseas markets hit by Brexit.
• Employment climbed for the 17th straight month, albeit at the weakest pace since October 2021.
• Some 55% of manufacturers expect output to increase in the coming year, but confidence fell to a 17-month low due to global recession fears.