Britain: Slower growth in manufacturing in May

Manufacturing in Britain expanded at a slower pace in January 2021 than in January 2021, as consumer goods producers struggled with falling living costs.

According to S&P Global, manufacturing PMI fell to 54.6 in May from 55.8 in April.

“Growth in the UK manufacturing sector slowed in May as output growth, new orders and employment slowed,” S&P Global said.

Manufacturers’ costs and selling prices rose again last month, but at a slightly slower pace than originally expected.

A separate statement from the Institute of Managers showed that confidence in the economy among business leaders fell last month to its lowest level since October 2020. Inflation, which hit a 40-year high of 9% in April, is their main concern. .

New orders from abroad fell in May at the fastest pace since June 2020, with respondents citing Brexit problems, transport delays and the war in Ukraine.

In contrast to the much larger services sector, manufacturing output has not yet regained pre-pandemic levels and remained 1% lower in March.