UK manufacturing PMI at 54.1 in September

Thursday, 01. October 2020 10:32

United Kingdom's Manufacturing Purchasing Managers' Index (PMI) stood at 54.1 in September, falling slightly from August's two-and-a-half-year high of 55.2, according to the report published by the IHS Markit and the Chartered Institute of Purchasing & Supply (CIPS) on Thursday.

The numbers revealed the British economy kept recovering from the crisis caused by the coronavirus pandemic, seeing improvements in output, new orders, and new work intakes. The report also noted that, despite job losses registered for the eighth consecutive month, the rate of post cuts reached its lowest level since February.

"In spite of these difficulties, the sector's glass remained half full, and optimism for the year ahead was sustained. Some businesses were using forward buying strategies to build stocks for Christmas and Brexit, which may boost employment levels, but it is anyone's guess whether more lockdown disruptions derail this hope," Group Director at the Chartered Institute of Procurement & Supply Duncan Brock commented.

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Breaking the News / JR