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UK manufacturing suffers steepest fall since May 2020

September 1, 2022

Last month’s output saw its largest contraction since the height of the pandemic in May 2020, according to the latest S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI).

The index dropped to 47.3 from 52.1 in July – numbers above 50 generally correspond with growth, and numbers below 50 indicate a contraction.

According to S&P Global, companies experienced a steep downturn in new orders in August, with interest from domestic and overseas clients falling heavily. This led to the supply of new jobs grinding to a halt, and a drop in business optimism, they added.

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