August saw manufacturing sink into a deeper downturn, with rates of contraction in output and new orders among the steepest registered outside of events such as the global financial crisis or COVID-19 pandemic. Manufacturers are reporting a weakening economic backdrop, as demand is hit by rising interest rates, the cost-of-living crisis, export losses and concerns about the market outlook. The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers’ Index® (PMI®) posted 43.0 in August, down from 45.3 in July, its lowest level since May 2020 and a reading consistent with a steep deterioration in ... (full story)