In line with preliminary reading (Il Sole 24 Ore Radiocor) - London , 02 Sep - In August, the UK seasonally adjusted purchasing managers' index for the manufacturing sector rose to 52.5 from 52.1 in July, hitting a 26-month high and matching the preliminary reading, according to final data released by S&P Global.

The PMI has now signalled expansion in five out of the past six months, the exception being April.

A reading above 50 signals expanding sector activity while one below a contraction.

'The UK manufacturing sector remained a positive contributor to broader economic growth in August," said Rob Dobson, director at S&P Global Market Intelligence. "The headline PMI hit a 26-month high of 52.5, reflecting solid expansions in output and new orders and the strongest jobs growth for over two years. The upturn is broadbased across manufacturing, with the investment goods sector the stand-out performer.

'The upturn continues to be driven by the domestic market, which is helping to compensate for lost export orders. The trend in export orders a key cause for concern, with new business from overseas having fallen continuously since early in 2022. UK manufacturers are experiencing difficulties in securing new contract wins overseas due to weaker demand from Europe, a slowdown in mainland China, freight delays, competitiveness issues, high shipping costs, global conflicts and political uncertainty. Many of these issues are also impeding imports which, while benefiting domestic suppliers, is causing supply chain-related production constraints as witnessed by a further marked lengthening of supplier delivery times.".

AAA-Hob

(RADIOCOR) 02-09-24 10:51:51 (0210) 5 NNNN