By Anadolu Agency
October 24, 2022 7:04 amISTANBUL
The UK’s manufacturing sector purchasing managers’ index (PMI) was at a 29-month low of 45.8 in October, according to flash data released by S&P Global on Monday.
The index was at 48.4 in September.
“Manufacturers saw a particularly steep fall in output during October (index at 45.6), although the rate of decline eased slightly since September and was the least marked for three months,” read the report.
The business activity index was at 47.5 in October, the lowest level in 21 months, slipping from 50.0 in September.
“No great surprise seeing the manufacturing and services sectors backsliding again in October given the jangled nerves amongst cash-strapped businesses facing a faltering economy, political turmoil and historically high input costs,” said chief economist John Glen.
“These challenges have spooked consumers and businesses alike into the biggest fall in demand for goods and services since January 2021, from both domestic and overseas markets.”
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