UK Manufacturing Sector Returns To Growth

RTTNews | 39 days ago
UK Manufacturing Sector Returns To Growth

(RTTNews) - The UK manufacturing sector returned to growth in May as production grew the most in more than two years on improved order intakes, final survey data released by S&P Global revealed on Monday.

The manufacturing Purchasing Managers' Index advanced to 51.2 in May from 49.1 in April. This was the highest reading since July 2022 but a tick below the initial estimate of 51.3.

The headline PMI registered above the threshold 50.0 mark in two out of the past three months.

Manufacturing output climbed at the quickest pace since April 2022. Output growth was supported by improved intakes of new work, stronger market conditions and efforts to complete existing contracts.

The upturn was centered on the domestic market as new export orders decreased for the twenty-eight month in a row.

In line with the recovery in current market conditions, business sentiment improved in May. Optimism among manufacturers was the strongest since February 2022.

The survey showed that employment decreased for the twentieth consecutive month, while inventories of finished goods and purchases were both depleted.

Input buying increased slightly in May, halting a 22-month sequence of reduced purchasing activity. Suppliers' delivery times lengthened for the fifth straight month, mainly due to transportation issues such as the ongoing crisis in the Red Sea.

Input costs rose for the fifth month in a row albeit to a lesser extent than in April. Data painted a mixed picture for trends in purchasing costs. The rate of output price inflation hit its highest level in a year after strengthening in each of the past five months.

read more
UK Economy Rebounds In May

UK Economy Rebounds In May

The UK economy rebounded at a faster-than-expected pace in May underpinned by broad-based expansion in services, manufacturing and construction industries, official data showed on Thursday. Real gross domestic product grew 0.4 percent in May after showing no growth in April, the Office for National Statistics reported. The actual growth was double the expected 0.2 percent expansion.
RTTNews | 1 day ago
UK Retail Sales Fall In June: BRC

UK Retail Sales Fall In June: BRC

UK retail sales declined in June as the cold weather in the first half of the year weighed on consumer spending, the British Retail Consortium said on Tuesday. Total retail sales fell 0.2 percent in June from the previous year. BRC Chief Executive Helen Dickinson said the sales of weather sensitive categories such as clothing and footwear, and DIY and gardening were hit particularly hard.
RTTNews | 3 days ago
UK House Prices Drop In June: Halifax

UK House Prices Drop In June: Halifax

UK house prices dropped in June after remaining stable for two straight months, signaling that the property market remained subdued, mortgage lender Halifax reported Friday. House prices fell 0.2 percent month-on-month in June, in contrast to the expected increase of 0.2 percent. A typical UK house costs GBP 288,455. Compared to the last year, house prices climbed 1.6 percent.
RTTNews | 7 days ago
UK Construction Expands For Fourth Straight Month

UK Construction Expands For Fourth Straight Month

The UK construction sector remained in the growth territory for the fourth straight month in June but the pace of expansion softened amid a renewed fall in housing activity, survey data from S&P Global showed on Thursday. The headline construction Purchasing Managers' Index posted 52.2 in June, down from 54.7 in May. A reading above 50.0 signals expansion.
RTTNews | 8 days ago
UK Mortgage Approvals Fall In May

UK Mortgage Approvals Fall In May

The number of mortgages approved by British lenders declined in May on higher mortgage rates, data published by the Bank of England showed on Monday. Mortgage approvals, an indicator of future borrowing, decreased to 60,000 in May from 60,800 in April. Approvals were forecast to fall to 59,900. The effective interest, which is the actual interest paid on newly drawn mortgages rose 5 basis points.
RTTNews | 11 days ago
UK House Price Growth Slows In June: Nationwide

UK House Price Growth Slows In June: Nationwide

UK house prices increased at a slower pace in June as housing affordability remained stretched, mortgage lender Nationwide said on Monday. House prices gained 0.2 percent on a monthly basis, which was slower than the 0.4 percent rise registered in May. House prices were expected to remain flat in June. Year-on-year, house prices posted a growth of 1.5 percent in June after rising 1.3 percent.
RTTNews | 11 days ago
UK Private Sector Grows At Slowest Pace In 7 Months

UK Private Sector Grows At Slowest Pace In 7 Months

The UK private sector growth weakened to a seven-month low in June as the slowdown in the service sector growth offset the stronger performance in manufacturing, flash survey results published by S&P Global revealed on Friday. The flash composite output index dropped unexpectedly to 51.7 in June from 53.0 in May. The score was forecast to rise marginally to 53.1.
RTTNews | 21 days ago
UK Public Debt Highest Since 1960s; Budget Deficit Remains Below Estimate

UK Public Debt Highest Since 1960s; Budget Deficit Remains Below Estimate

The UK public sector net debt rose to its highest level since early 1960s, while public sector borrowing remained below the official estimate, the Office for National Statistics reported Friday. Public sector net debt excluding public sector banks was estimated at 99.8 percent of gross domestic product at the end of May. This was 3.7 percentage points more than at the end of May 2023.
RTTNews | 21 days ago