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UK manufacturing contracts as Red Sea crisis hits supply chains and contributes to rising costs
The downturn in the UK manufacturing sector continued at the start of 2024. January saw output and new orders decline further, leading to additional job losses and cutbacks in purchasing and stock holdings. Manufacturers also experienced rising supply chain difficulties, as the Red Sea crisis led to the re-routing of input deliveries away from the Suez Canal. The seasonally adjusted S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) posted 47.0 in January, up from 46.2 in December but below the earlier flash estimate of 47.3. The PMI has signalled a deterioration in operating conditions in each of ... (full story)