The downturn in the UK manufacturing sector continued in September albeit at a slower pace, a report showed.
The seasonally adjusted S&P Global/CIPS UK manufacturing purchasing managers’ index posted 44.3 in September, up slightly from August's 39-month low of 43.0, but still among the weakest readings seen over the past 14 years.
All five of the sub-indices comprising the PMI (new orders, output, employment, stocks of purchases and supplier delivery times) were consistent with a weakening of underlying sector performance, the report showed.
It was seventh successive month that manufacturing output declined, as companies cut back production in response to lower order intakes.
Demand was impacted negatively by ongoing market uncertainty, the cost-of-living crisis and weak conditions in overseas markets, the report showed.
New export business contracted for the twentieth successive month in September, with reports of lower demand from within Europe, the US, mainland China and Brazil.
The biggest drains on export market conditions were client uncertainty and the subdued global economic situation.