UK PMI Manufacturing was finalized at 54.6 in May, down from April’s 55.8. S&P Global said output grew at seven-month low. Consumer goods sector was hit by weaker consumer demand. Input cost and output price inflation remained elevated.
Rob Dobson, Director at S&P Global Market Intelligence, said: “The rate of expansion in UK manufacturing output eased to a seven-month low in May as companies face a barrage of headwinds. Factories are reporting a slowdown in domestic demand, falling exports, shortages of inputs and staff, rising cost pressures and heightened concern about the outlook given geopolitical uncertainties. The consumer goods sector was especially hard hit, as household demand slumped in response to the ongoing cost of living crisis.
“With both input costs and selling prices rising at rates close to April’s peaks, the surveys suggest that there is no sign of the inflationary surge abating any time soon. Manufacturers continue to report issues getting the right materials, at the right time for the right price, and energy prices remain a major concern.”
