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United Kingdom PMI June 2024

United Kingdom: Manufacturing PMI falls in June

The S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 50.9 in June from May’s 22-month high of 51.2. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in manufacturing-sector operating conditions compared to the previous month.

June saw continued growth in output and new orders. The expansion in output was broad-based across consumer, intermediate, and investment goods sectors, though growth was only seen in large-scale producers, with small and medium-sized enterprises experiencing contractions. Moreover, there was a decline in export orders, particularly from North America and China. In addition, concerns over cost minimization and cash flow protection led to job losses and reduced non-essential spending.

Price pressures intensified, with input cost inflation reaching a 17-month high. Finally, business optimism remained close to May’s 27-month high in June.

Rob Dobson, director at S&P Global Market Intelligence, said:

“The UK manufacturing sector is enjoying its strongest spell of growth for over two years, with June seeing output and new order growth sustained at robust rates similar to May’s recent highs. The performance of the domestic market remains a real positive, providing a ripe source of new contract wins. In contrast, the ongoing weak export performance is concerning.”

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