UK manufacturing sector continues to contract
By Michele Maatouk
Date: Tuesday 02 May 2023
(Sharecast News) - Activity in the UK manufacturing sector continued to contract in April, according to a survey released on Tuesday.
The S&P Global/CIPS manufacturing purchasing managers' index fell to 47.8 from 47.9 in March, remaining below the 50 mark that separates contraction from expansion but above the flash estimate of 46.6.
Output, new orders, employment and stocks of purchases all contracted and vendor lead times improved.
Rob Dobson, director at S&P Global Market Intelligence, said: "The UK manufacturing sector remained in the doldrums at the start of the second quarter. Output and new orders contracted, as manufacturers felt the impacts of client uncertainty, destocking and tightening cost controls. There was no escape from the subdued mood of the market, with both domestic and export customers remaining reticent to commit to new contracts.
"There was better news on supply chains, as supplier lead times have now shortened in each of the past three months, providing welcome news in terms of improved resource availability and helping drive down raw material price pressures."
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