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The
final S&P Global UK Manufacturing Purchasing Managers' Index
(PMI) for October fell to 46.2 from 48.4 in September. While the
October figure was revised up from an initial "flash" reading of
45.8, it still marked a 29-month low.
The survey's gauge of future output fell to its lowest level
since April 2020.
Overall, the PMI chimed with other leading indicators of
Britain's economy that point to a worsening slowdown underway -
something that is likely to concern Bank of England officials
who look set to raise interest rates markedly on Thursday.
Britain's economy is on the cusp of recession as households and
businesses wrestle with rising energy costs, a jump in borrowing
costs and volatile financial markets.
Manufacturers in other major European economies are also
struggling.
"Business optimism dipped to a two-and-a-half year low, as weak
demand, recession fears, inflationary pressures and rising
uncertainty hit confidence," S&P Global said.
The survey's gauges of input cost inflation and selling prices
inched lower in October, but was still high by historic
standards.
Manufacturing employment fell for the first time since November
2020, the PMI showed.
(Reporting by Andy Bruce; Editing by Hugh Lawson)
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