KONTAN.CO.ID - LONDON. British manufacturing started 2024 on a weak footing, recording an 18th consecutive month of contraction as orders fell and disruption to Red Sea shipping delayed deliveries, a survey showed on Thursday. The S&P Global Purchasing Managers' Index (PMI) for manufacturing rose to 47.0 in January from 46.2 the month before, a two-month high but below an earlier preliminary estimate of 47.3 which had been the highest since April 2023. Readings below 50 represent a fall in activity. Manufacturing has been persistently weaker than Britain's service sector, which recorded moderate growth in January according to preliminary PMI data.
Red Sea Disruption Hits UK Manufacturing at Start of 2024
KONTAN.CO.ID - LONDON. British manufacturing started 2024 on a weak footing, recording an 18th consecutive month of contraction as orders fell and disruption to Red Sea shipping delayed deliveries, a survey showed on Thursday. The S&P Global Purchasing Managers' Index (PMI) for manufacturing rose to 47.0 in January from 46.2 the month before, a two-month high but below an earlier preliminary estimate of 47.3 which had been the highest since April 2023. Readings below 50 represent a fall in activity. Manufacturing has been persistently weaker than Britain's service sector, which recorded moderate growth in January according to preliminary PMI data.