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Investing.com -- UK manufacturing activity expanded at a slower pace in July, with the S&P Global UK Manufacturing PMI falling to 51.9 from 52.5 in June, marking a four-month low. The index has remained above the 50.0 threshold indicating growth for nine consecutive months.
Manufacturing output rose for the fourth straight month, with the pace of expansion reaching a near two-year high. All three product categories tracked by the survey—consumer, intermediate, and investment goods—posted output gains. Production at medium and large firms grew, while small-scale manufacturers saw a mild decline.
New orders increased for the eighth consecutive month, with companies reporting improved market conditions. Export orders rose for the seventh month in succession, driven by demand from North America, the EU, mainland China, India, and South Korea.
Employment levels rose for the fourth month running, but the growth rate slowed to near-stagnation, marking the weakest expansion during the current upturn. Some manufacturers increased hiring to meet production needs, while others focused on cost control due to concerns about future prospects. Backlogs of work edged higher for the first time since April 2022.
Input cost inflation eased to a five-month low, while output price inflation cooled to a four-month low. Both measures remained above their survey averages. Manufacturers attributed slower cost increases to reduced supply chain tensions and lower demand for inputs.
Supplier delivery times lengthened for the thirty-first consecutive month, though the rate of increase was the weakest since February. Purchasing activity fell for the first time since March, while stocks of inputs and finished products declined for the second successive month.
Business optimism slipped to a three-month low. Manufacturers expecting output growth over the next 12 months cited stronger market conditions, new product launches, and hopes for improved global economic and geopolitical conditions. Concerns about global trade tensions, tax rises, and regulatory changes weighed on sentiment.
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