UK Manufacturing PMI: industry contracts as Red Sea crisis hits supply chains and contributes to rising costs

The downturn in the UK manufacturing sector continued at the start of 2024 with a decline of output and new orders.

January 2024 UK Manufacturing PMI key findings: Manufacturing PMI rises to 47.0 in January Output, new orders and employment contract Input costs and selling prices both rise

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This has led to additional job losses and cutbacks in purchasing and stock holdings. Manufacturers also experienced rising supply chain difficulties, as the Red Sea crisis led to…