Manufacturing News – Early October 2024
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The UK manufacturing sector witnessed continued solid expansion in September, with both output and new orders continuing to rise, new figures released this morning show.
According to the S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®), the UK manufacturing sector saw a further solid increase in production volumes at the end of the third quarter. Output and new orders both continued to rise, as the domestic market remained the main propeller of growth. There were signs of a wait-and-see approach entering decision-making, however, with the forthcoming Autumn Statement in particular leading to slower gains in both production and new business and a dip in future expectations to a nine-month low.
The seasonally adjusted S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) posted 51.5 in September, down from August’s 26-month high of 52.5 and unchanged from the earlier flash estimate. The PMI has remained above the neutral 50.0 mark for five successive months, signalling continued expansion.
In contrast, Eurozone manufacturing experienced its steepest production decline this year to date.