- Prior was 48.3
Key Findings:
- Manufacturing PMI at 14-month low of 46.9
- Steepest job losses since mid-2020
- Output and new orders fall at faster rates
Comment:
Rob Dobson, Director at S&P Global Market Intelligence:
“February PMI data show UK manufacturers facing an
increasingly difficult trading environment. Weak demand,
low client confidence and rising cost pressures are
accelerating the downturns in output and new orders,
while the Autumn Budget’s changes to the national
minimum wage and employer NICs are driving up inflation
fears and intensifying the downward trend in staff
headcounts. The pace of manufacturing job losses is
currently running at a rate not seen since the pandemic
months of mid-2020.
“Cost and demand considerations also encouraged
cutbacks to purchasing activity and stocks, as the
tough economic backdrop placed manufacturers on an
increasingly defensive footing. Input costs are rising at
the fastest pace for over two years, as suppliers front
load expected increases in their own wage and NIC costs.
Factory gate selling price inflation has also hit a 22-month
high. This combination of absent growth and rising prices
will contribute to a growing dilemma for the Bank of
England over the coming months.”
UK Manufacturing PMI