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UK Manufacturing Output Growth Slows to 7-Month Low

June 1, 2022 by Forex Winner Leave a Comment

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.

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