The UK’s manufacturing sector has been tipped into a third monthly contraction as new order intakes decline, an influential survey has found.
The S&P Global/CIPS UK Manufacturing PMI scored 48.4 in September, a slight recovery from 47.3 in August, a 27-month low. Anything below 50 is considered to show that the sector is shrinking.
Although the rate of contraction in output eased slightly since the previous month, it nonetheless remained substantial overall, S&P Global said in its latest report.
Manufacturing companies cut back on production in response to declining new order intakes. Some expected orders were postponed or cancelled, due to factors such as rising uncertainty, inflationary pressure, and the cost-of-living crisis, the report said….