UK manufacturing accelerates to fastest pace in two years

Summarised from 2 outlets · 3 reports · Updated 2 Nov, 11:46 · Archive

UK manufacturing output hit a 25-month high in October as firms reported stronger demand and increased prices.

UK manufacturing production accelerated to a 25-month high in October, with the S&P Global PMI survey recording 52.8, up from 51.9 in September. Readings above 50 indicate growth. Manufacturing activity has now been growing for a year, with firms reporting stronger new business and improved demand from both domestic and overseas clients.

Manufacturers have been increasing prices to counter rising costs such as fuel, energy and transportation. Input costs—the price of materials and components—have been rising for almost three years and reached their sharpest pace since spring in October. Firms have passed much of this increase onto customers through higher selling prices.

Rob Dobson, director at S&P Global Market Intelligence, said manufacturers 'showed resilience in the lead up to the autumn Budget' but warned the industry faced increased pressure from the planned rise in the national minimum wage from April. Combined with higher wage costs, manufacturers face continued inflationary pressures from supply-chain disruptions.

UK manufacturing accelerates to fastest pace in two years — Image: Independent Business

Comments (0)

How it is being reported

Manufacturers ‘resilient’ as some cost pressures passed onto customersManufacturing firms reported getting stronger levels of new business and improved demand from both domestic and overseas clients.Independent Business · 2 Nov, 11:20
Manufacturers ‘resilient’ as some cost pressures passed onto customersManufacturing firms reported getting stronger levels of new business and improved demand from both domestic and overseas clients.Evening Standard · 2 Nov, 11:20
Manufacturers ‘resilient’ as some cost pressures passed onto customersManufacturing firms reported getting stronger levels of new business and improved demand from both domestic and overseas clients.Independent Business · 2 Nov, 10:52

In this story: UK · S&P Global · China · EU · US · Rob Dobson

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log