The UK's manufacturing sector is experiencing its worst downturn since the 2008 financial crisis, with challenges including decreased demand and market uncertainties.
The UK’s manufacturing sector is engulfed in the deepest downturn since the 2008 financial crisis as market uncertainty depresses activity, a closely watched survey suggests. According to the Chartered Institute of Procurement & Supply CIPS the UK manufacturing purchasing managers index PMI recorded 44.8 in October, with the 50 mark separating growth from contraction. Although this was an improvement on last month’s figure of 44.
“Companies are finding trading conditions difficult as they face headwinds from client destocking, market uncertainty and the impact of the cost-of-living crisis on consumer demand,” Rob Dobson, Director at S&P Global Market Intelligence, said. Manufacturing in almost all major economies has been contracting for many months now. Slow growth in China has dented demand while consumers have increasingly prioritised spending on services rather than goods post-pandemic.
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