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According to latest figures UK manufacturing sector has shrunk again due to US tariffs and increased costs in May.
The S&P Global UK manufacturing PMI survey shows a reading of 46.4 in May, up from 45.4 in April, however, the sector could be “turning a corner.”
Rob Dobson, director at S&P Global Market Intelligence, said, “May PMI data indicate that UK manufacturing faces major challenges, including turbulent market conditions, trade uncertainties, low client confidence and rising tax-related wage costs.
“Downturns in output, new orders and new export business have continued, and business optimism has stayed subdued by the historical standards of the survey.
“There are some signs of manufacturing turning a corner, though.
“PMI indices tracking output and new orders have moved higher in each of the past two months, suggesting the downturn is easing, and came in better than the earlier flash estimates for May.”
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