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United Kingdom PMI May 2024

United Kingdom: Manufacturing PMI rises in May

The S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) rose to 51.2 in May from 49.1 in April. As a result, the index moved above the 50.0 no-change threshold, and signaled an improvement in manufacturing-sector operating conditions compared to the previous month.

The key driver behind the latest PMI reading was the fastest growth in manufacturing production and new orders in two years. This growth was supported by expansions across all product categories (consumer, intermediate, and investment goods) and company sizes (small, medium, and large). However, new export orders continued to decline, reflecting reduced inflows of new work from several key trading partners, including the US, the EU and the Middle East.

Average input costs rose more slowly in May than in April, though output price inflation accelerated. Finally, manufacturers expressed the highest level of optimism since early 2022, with 63% of companies expecting output to expand over the coming year.

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