GB/PMI: The contraction of the manufacturing sector worsened in October | Photo credits: Istock
LONDON, November 1 – The contraction in British manufacturing activity in October was the sharpest since May 2020, the final results of the S&P Global survey of purchasing managers showed on Tuesday.
The PMI index fell to 46.2, a 29-month low, after 48.4 in September. It came out at 45.8 in the first estimate.
The latest leading indicators indicate that the economic slowdown is deepening, which should make it more difficult for the Bank of England to fight inflation.
But the UK economy is on the brink of recession as households and businesses grapple with rising energy costs, rising borrowing costs and financial market volatility.
“Entrepreneurial optimism has fallen to a two-and-a-half-year low as weak demand, recession fears, inflationary pressures and growing uncertainty weigh on confidence,” S&P Global said in a statement. communicated. (Andy Bruce, French version Laetitia Volga, edited by Sophie Louet)