© 2020 – 2023 AEA3 WEB | AEAƎ United Kingdom News

UK house prices fall at fastest rate in 14 years; manufacturing weakest since pandemic – business live

Live, rolling coverage of business, economics and financial markets as British home prices drop by 5.3% from peak last year

Glynn Bellamy, UK head of industrial products for accountants KPMG, said:

Manufacturing is facing the perfect storm of softening underlying demand exacerbated by the continuing unwind of inventory levels built up to counter the supply chain disruption experienced post Covid-19.

The PMI sank to a 39-month low as output and new orders contracted at rates rarely seen outside of major periods of economic stress such as the global financial crisis of 2008/09 and the pandemic lockdowns.

Manufacturers reported a weakening economic backdrop as demand is hit by rising interest rates, the cost-of-living crisis, export losses and concerns about the market outlook. While this is being felt across the manufacturing industry, business-to-business companies are especially hard hit. Intermediate goods producers saw the steepest drops in output, new orders and employment as a result.

Continue reading…

Related posts

Grant Shapps says ban on Russian oil imports will lead to ‘some higher energy prices’ – UK politics live


Pregnant woman and baby die after attack on hospital in Mariupol


King Charles to give up home in Wales on edge of Bannau Brycheiniog


Pin It on Pinterest

Share This