UK manufacturing production falls as new order inflows contract at fastest pace since May 2020

The UK manufacturing sector started the final quarter of the year on a weak footing. Output contracted for the fourth successive month, as a steep drop in new work received, weak export demand and supply-chain disruption led to a scaling back of both production and employment. The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers’ Index® (PMI®) fell to a 29-month low of 46.2 in October, down from 48.4 in September but above the earlier flash estimate of 45.8. The PMI has remained below the neutral 50.0 mark for three consecutive months

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