Manufacturers were hit by rising raw materials costs and slowing consumer demand UK manufacturing growth ‘slows’
Manufacturers were hit by rising raw materials costs and slowing consumer demand UK manufacturing grew at its slowest pace for five months in March as new orders dropped following a slowdown in consumer spending, a survey has found.
The Markit/CIPS purchasing managers’ index fell to 57.1 last month, down from a revised 60.9 in February.
A score above 50 indicates growth in the manufacturing sector.
The survey also found that UK manufacturers increased prices to offset rising raw material costs and slowing consumer demand.
“The mini-boom in UK manufacturing ran out of steam during March as faltering domestic consumer confidence, inflationary pressure and supply chain disruption combined to slow down expansion,” said David Noble, chief executive of CIPS.
“Hopes that the UK economy might start to rebalance towards manufacturing seem to be withering on the vine,” he added.
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