UK Manufacturing Activity Hits a 14-Month Low in February

According to a recent report by S&P Global, the United Kingdom's manufacturing sector experienced a significant downturn in February. The manufacturing Purchasing Managers’ Index (PMI) dropped to 46.9, down from 48.3 in January, marking the lowest point in 14 months. However, this figure was slightly higher than the preliminary estimate of 46.4.

The decline in output was primarily due to a decrease in new orders, waning client confidence, and ongoing supply chain challenges. Additionally, the sector witnessed the highest number of job cuts since May 2020. Rob Dobson, a Director at S&P Global Market Intelligence, noted, "The challenging economic environment has forced manufacturers to adopt a more defensive stance, leading to reductions in purchasing activity and stock levels."