(CercleFinance.com) – The UK’s manufacturing PMI, calculated by S&P Global and CIPS, finally stands at 46.2 for October – a 29-month low – compared to 48.4 for the month previous, but a little above its flash estimate which was 45.8.
For the record, it is the threshold of 50 which separates the expansion and contraction of a sector’s activity for the PMI indices: the lower the index is below this threshold, the faster the rate of contraction.
Surveyors said manufacturing output fell as the influx of new orders contracted at its fastest pace since May 2020, while job cuts were recorded for the first time in nearly two years.
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