2/1, 10:30 AM (Source: TeleTrader)
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UK's manufacturing PMI grows in January

The United Kingdom Manufacturing Purchasing Managers’ Index (PMI) in January came in at 47, rising from December 2022's 45.3 and going above the preliminary figure of 46.7, the S&P Global and the Chartered Institute of Purchasing & Supply (CIPS) revealed on Wednesday.

Nonetheless, the reading remained in the contraction territory, "signaling deterioration, for the sixth successive month," the report read. It was also noted that this ongoing manufacturing downturn left marks on decisions regarding "hirings, purchasing and stock holdings."

"UK manufacturers faced a tough operating environment at the start of 2023 ... There were some shoots of positivity developing, however. Rates of contraction are generally lower than before the turn of the year, a possible sign that we may be past the worst of the downturn in industry," Director at S&P Global Market Intelligence Rob Dobson stated.

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