British manufacturing lost more momentum in June than initially estimated as new orders shrank at the fastest pace in two years, a survey showed, adding to signs of a stagnant economy.
S&P Global’s manufacturing PMI fell to 52.8 from 54.6 in May, revised down from June’s preliminary reading of 53.4.
The survey showed that factory output increased marginally and businesses were more bearish on their outlook, as of May 2020.
Price pressures, while still high, have eased further from recent all-time highs.
Overall the PMI highlighted the risk of a sharp slowdown or recession in Britain, with manufacturing businesses in other major European countries also struggling as inflation rises towards double digits.
“Businesses expressed concerns about flat domestic demand, weaker export markets, inflationary pressures, the cost of living and supply chain issues,” S&P Global said.
Source: Capital
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