UK Manufacturing Moves Deep Into Contraction
02 Enero 2024 - 1:56AM
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The UK manufacturing sector contracted further in December with
an accelerated downturn in output as tough domestic and global
market conditions damped demand and expectations dipped to a
one-year low, survey results from S&P Global revealed
Tuesday.
The Chartered Institute of Procurement & Supply final
Manufacturing Purchasing Managers' Index, or PMI, dropped to 46.2
in December from a seven-month high of 47.2 in November.
The flash score was 46.4. Any reading below 50 indicates
contraction in the sector.
Manufacturing production declined for the tenth successive month
in December, as consumer and intermediate goods sub-industries
suffered downturns, more than offsetting expansion in investment
goods.
In response to weaker new orders, reduced demand from foreign
markets and efforts to trim stocks, manufacturers reduced their
production.
New orders fell for the ninth straight month, linked to a weak
economic backdrop. Foreign demand was also weak, especially in the
US, mainland China, mainland Europe, and Canada.
Further, there was a sharp fall in backlogs of work.
In December, job losses were recorded for the fifteenth
consecutive month due to redundancies, efficiency gains, hiring
freezes, and cost control.
Input buying was reduced for the eighteenth straight month.
Inventories of both inputs and finished products were depleted.
Average vendor performance improved as lower demand for inputs
led to shorter lead times.
On the price front, input costs fell further amid lower costs
for chemicals, food stuffs, metals, paper, plastics, and timber.
Meanwhile, selling prices rose slightly for the second straight
month.
Looking ahead, business optimism slid to a one-year low amid
faltering economy, client closures and high interest rates. That
said, companies expect production to increase over the coming
twelve months.
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