S & P Global released the UK's July General Purchasing Managers' Index (PMI) preliminary figures of 52.8, down from 53.7 last month, since February 2021. It was the lowest level in 17 months.
Inflationary pressure has eased. Pressure on the Bank of England (Central Bank of England) to raise rates significantly may ease.
Production in the manufacturing industry has declined for the first time since May 2008. New orders expanded in the travel and entertainment industry.
The main reason for the decline in PMI is sluggish demand. It was also important that supply shortages and labor shortages continued.
The rate of increase in input costs is at the lowest level in 10 months. It was the lowest level in 18 months in the manufacturing industry. The background is the decline in commodity prices and the stability of fuel prices. However, many companies report strong pressure to raise wages. It was also pointed out that the depreciation of the pound/dollar was a pressing factor.
The rate of increase in output prices has been the lowest since January. Customer demand has slowed.
Companies are still cautious about the future, but the mood of the company has improved from its low level in June, mainly in the service industry, for the first time in 25 months.
The pace of employment growth is the lowest in 16 months.
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