Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 11 01T093914Z 1 LYNXMPEJA015N RTROPTP 4 BRITAIN ECONOMY EMPLOYMENT - Business Express

UK factories struggle in October in latest downturn sign – PMI

LONDON (Reuters) – Britain’s factories suffered a worse October than previously thought, according to a survey published a day before the Bank of England is expected to restate its intent to keep interest rates high, despite widespread signs of an economic slowdown.

The final reading of the S&P Global/CIPS manufacturing Purchasing Managers’ Index (PMI) stood at 44.8, down from an early estimate of 45.2.

Although the main activity index was up from 44.3 in September, the output component contracted for an eighth consecutive month, the longest such run since the global financial crisis of 2008-09.

“Difficult and uncertain market conditions led to increased caution among both manufacturers and their clients alike,” survey compiler S&P Global said.

Customers at home and abroad cut back on orders, manufacturers shed staff and a measure of optimism in the sector fell to its lowest this year.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

In one positive sign for the BoE, prices paid by factories fell for a sixth month in row and selling prices also declined, suggesting a further weakening of some of the inflation pressure in the British economy.

The BoE is expected to keep Bank Rate at 5.25% on Thursday – its second no-change decision after 14 consecutive increases – as it seeks to counter the dangers to the economy from an inflation rate that remains more than three times its 2% target.


(Reporting by William Schomberg; Editing by Christina Fincher)


Recent Post: