The downturn in the UK manufacturing sector took a turn for the worse in July, as rates of contraction in output, new orders and employment all accelerated. Increasing signs of market weakness also led to cutbacks in purchasing activity and inventory holdings, as manufacturers aimed to protect cash flow and operate on a leaner footing. The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers’ Index® (PMI®) fell to 45.3 in July, its lowest reading in the year-so-far and joint-weakest since May 2020. The PMI has remained at a sub-50.0 level – signalling a deterioration in operating conditions – in ... (full story)