UK Manufacturing Hits a 14-Month Low in February

The United Kingdom's manufacturing sector experienced a significant downturn in February, as reported by S&P Global on Monday. The manufacturing Purchasing Managers’ Index (PMI) dropped to 46.9 from January's 48.3, marking a 14-month low. However, this figure was slightly better than the preliminary estimate of 46.4.

Several factors contributed to this decline, including a decrease in new orders, waning client confidence, and ongoing supply chain disruptions. The sector also saw the highest rate of job cuts since May 2020. "The challenging economic environment has forced manufacturers to adopt a more defensive stance, leading to reductions in purchasing activity and inventory levels," remarked Rob Dobson, Director at S&P Global Market Intelligence.