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UK Manufacturing Activity Growth Moderates In March

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The UK manufacturing activity growth moderated notably in March, reflecting the ongoing supply shortages, greater caution among clients, escalating inflationary pressures and geopolitical tensions, final survey data from S&P Global showed on Friday.

The S&P Global/ Chartered Institute of Procurement & Supply manufacturing Purchasing Managers’ Index slid to 55.2 in March from 58.0 in February. The flash score was 55.5.

All five of the PMI sub-components had a negative influence on its level in March. Manufacturing production grew at the slowest pace in five months in March.

New orders grew at the slowest pace during the current 14-month sequence of increase in March. At the same time, export orders contracted for the sixth time in the past seven months.

Inflationary pressures strengthened further in March. Input price inflation hit a three-month high. Average selling prices also rose at the quickest pace in three months.

Vendor lead times lengthened for the thirty-third consecutive month and again to one of the greatest extents in the survey history. Employment expanded for the fifteenth consecutive month.

Finally, manufacturers maintained a positive outlook in March, with over 55 percent forecasting that output would rise over the coming twelve months.

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