In August, the UK manufacturing sector experienced its fastest growth in over two years, as shown by data released by S&P Global on Monday. This expansion was marked by increases in output, new orders, and employment.The Manufacturing Purchasing Managers’ Index (PMI) rose to 52.5 in August from 52.1 in July. A PMI above 50 signifies expansion, and the flash estimate for August matched the final reading at 52.5.For the fourth consecutive month, production saw growth due to a surge in new order intakes. This increase in new business was largely driven by improved market sentiment, particularly within the domestic economy, even though new export orders continued to decline.The decline in foreign demand was attributed to several factors: fewer orders from Europe, a slowdown in mainland China, freight delays, high shipping costs affecting competitiveness, global conflicts, and political uncertainty.Reflecting the rise in new orders and production, British manufacturers further expanded their workforce in August. The job creation rate reached its highest level in more than two years.On the pricing front, input costs continued to rise, driven by higher prices for energy, metals, plastics, and timber. Additionally, supplier price hikes, increased shipping costs, currency fluctuations, and material shortages contributed to rising inflation. Nonetheless, the inflation rate for both input and output prices showed some signs of easing.Looking forward, the outlook for production over the next twelve months remained positive in August. Factors contributing to this optimism included new client acquisitions, product launches, market expansion efforts, promotional activities, and hopes for economic recovery.The material has been provided by InstaForex Company – www.instaforex.com
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