UK manufacturing activity at lowest level since outbreak
In the statement made by S&P Global/CIPS, it was reported that the data of the Purchasing Managers’ Index (PMI) of the manufacturing industry in the country decreased to 43 in August of this year.
The manufacturing industry PMI was expected to come in at 42.5.
In the previous month (July), the country’s manufacturing PMI was 45.3.
In the PMI data, above 50 indicates sector growth, below indicates sector contraction.
The statement highlighted that the activity of the manufacturing industry in August showed its lowest performance since the spring period of 2020, when the epidemic shutdowns were experienced.
WEAK ECONOMY
Rob Dobson, director of global market research at S&P, who made the assessment, said manufacturers believe the economy is weakening due to rising interest rates, the cost of living and lost exports. .
Last month, the Bank of England (BoE) announced that it had increased the policy rate by 25 basis points to 5.25 percent. In this way, the policy rate reached the highest level of the last 15 years.
The Bank of England is still keeping its inflation target at 2 percent.
Annual inflation fell to 6.8 percent in July, down to 7.9 percent in June, according to data from the Office for National Statistics. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
