Russia-Ukraine war: First ship carrying grain departs Odesa
UK manufacturing grinding to a halt as Ukraine war takes its toll
UK manufacturing is grinding to a halt as the Ukraine war compounds rocketing inflation, supply issues and global market uncertainty.
An industry index rated last month’s manufacturing at 52.1 – the lowest in 25 months and down from 52.8 in June.
Any number on S&P Global/CIPS UK Manufacturing PMI above 50 is seen as growth, so it means the sector is only just growing.
Rob Dobson, director at S&P Global Market Intelligence, said: “Rising market uncertainty, the cost of living crisis, war in Ukraine, ongoing supply issues and inflationary pressures are all hitting demand for goods at the same time, while lingering post-Brexit issues and the darkening global economic backdrop are hampering exports.
“With the Bank of England implementing further interest rate hikes to combat inflation, the outlook is beset with downside risks.
“With this in mind, the continued low degree of optimism among manufacturers is of little surprise.”