UK Manufacturing Faces Setback as Output and Employment Decline in December
The manufacturing sector in the United Kingdom faced a setback in its recovery efforts as both output and employment experienced sharper declines in December compared to the previous month, according to the final reading of the S&P Global/CIPS manufacturing Purchasing Managers’ Index (PMI).
The index weakened to 46.2, ending a three-month streak of improvement and falling from November’s seven-month high of 47.2. The reading, slightly below the preliminary estimate, remained below the 50.0 growth threshold for the 17th consecutive month. The sector, impacted by rising borrowing costs, witnessed a decline in new orders both domestically and in export markets, particularly within the European Union, leading to a year-low in confidence.