The latest data from S&P Global/CIPS UK Manufacturing Purchasing Managers' Index (PMI) for February 2024 shows a slight improvement in the manufacturing sector. The PMI increased to 47.5 in February from 47 in January 2024. While still below the 50 mark that separates expansion from contraction, this uptick indicates a slight recovery in the industry.
The data, updated on March 1, 2024, suggests that the UK manufacturing sector is showing signs of resilience despite ongoing challenges. Economists will be monitoring future PMI releases closely to gauge the trajectory of the sector and its impact on the broader economy amid global uncertainties and supply chain disruptions.
