In a recent report by S&P Global, it was revealed that manufacturing activity in the United Kingdom experienced a slowdown in June. The Purchasing Managers’ Index (PMI) dropped to 50.9, down from the preliminary report of 51.4 and below May’s figure of 51.2. Despite this decline, new business showed growth for the third time in the last four months, while purchase prices surged at the fastest rate since January 2023. Companies responded to the challenging environment by focusing on cost reduction, leading to job losses.

S&P Global Market Intelligence Director, Rob Dobson, expressed concerns over the weak export performance, with manufacturers facing difficulties in securing new business in key markets such as the US, China, and mainland Europe. However, the domestic market performance remained a positive aspect, offering opportunities for new contract wins.

These developments highlight the ongoing challenges faced by the manufacturing sector in the UK and the need for strategies to address the issues affecting export growth. As companies navigate through these uncertainties, it will be crucial to monitor how they adapt to the changing market conditions and seek opportunities for sustainable growth.