The S&P Global UK Manufacturing PMI rose to 53.9 in May 2026, up from both the flash estimate and April’s 53.7, marking the strongest expansion since May 2022. Output growth reached a three-month high, led by intermediate and investment goods, while new orders increased for a sixth consecutive month on the back of firmer domestic and export demand.
Even so, the recovery’s momentum appeared fragile. Many firms reported bringing orders forward in anticipation of future price increases and potential supply disruptions. Supply chains remained under strain, with vendor delivery times lengthening markedly due to shipping delays and geopolitical tensions on key trade routes.
Purchasing activity rose for a second month, pushing input inventories up at the fastest pace since July 2022. Input cost inflation accelerated to its highest level in nearly four years, driven by rising energy, metal and chemical prices, as well as higher tariffs, taxes and labour costs. In response, selling prices increased at the quickest rate since mid-2022. Despite these cost pressures, business confidence looking ahead strengthened to a three-month high.
