Joseph Clark
The seasonally adjusted S&P Global Manufacturing Purchasing Managers’ Index (PMI) for the UK rose to a two-year high of 52.1 in July, up from 50.9 in June and the previous flash estimate of 51.8.
Key findings include: Fastest output growth since February 2022; higher input price inflation to an 18-month high.
“UK manufacturing has started the second half of 2024 on a strong and encouraging footing. July saw output grow, new orders strengthen and employment levels rise for the first time since September 2022. Hopes of an economic recovery and reduced political uncertainty have lifted confidence to one of its highest levels in two-and-a-half years, with 60% of firms surveyed now expecting output to rise over the next 12 months. There were also further signs that the trend in new export business is stabilising after a long period of decline.” He said Rob Dobson, Director at S&P Global Market Intelligence.
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