UK Manufacturing PMI: Industry ends the year with accelerated downturn

Stock image - worker grinding casting in manufacturing facility. Image credit: Shutterstock

The UK manufacturing industry ended 2022 on somewhat of a downer, with output, new orders and employment all falling at faster rates, according to the latest S&P Global / CIPS UK Manufacturing PMI®.

December 2022 UK Manufacturing PMI key findings: Production and new orders fall at faster rates… …leading to accelerated job losses Selling price and input cost inflation ease

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Despite beating the earlier flash estimate of 44.7, December’s seasonally adjusted PMI of 45.3 — a 31-month low — remains in contraction territory (below 50), down from 46.5…