UK manufacturing growth slows in June
The United Kingdom's manufacturing activity stood at 52.8 in June, down from May's reading of 54.6, it was revealed in the S&P Global's report on Friday. The figure hit its lowest point in two years, despite staying above the neutral 50.
Business optimism fell to its lowest in 25 months, "as the number of firms expecting production to rise over the coming year fell to 47% [in June] from 55% in May," the report stated. Furthermore, new order intakes were down for the first time since January 2021.
"There were some welcome signs that supply-chain constraints and cost inflationary pressures may have passed their peaks. However, with these constraints still elevated overall and demand headwinds rising, it is likely that UK manufacturing will see the economic backdrop darken further in the second half of the year," Director at S&P Global Market Intelligence Rob Dobson shared.