News

UK June final manufacturing PMI 63.9 vs 64.2 prelim

Latest data released by Markit – 1 July 2021

The preliminary report can be found here. A slightly lower revision but this is still a very solid reading, with output, new orders, and employment conditions continuing to hold among the best seen throughout the survey’s history.

That said, much like the euro area’s readings earlier, supply chain disruptions are leading to a record rise in price increases. Markit notes that:

“UK manufacturing maintained a near survey-record pace
of expansion at the end of the second quarter, as the reopening of economies at home and overseas supported
increased production, new orders and employment. Solid
business confidence and rising backlogs of work also
suggest that the current upturn has further to run.

“The sector is still beset by rising cost inflationary pressures,
however, as Brexit-related trade issues exacerbated global
supply chain delays. The resulting widespread raw material
shortages drove purchase prices up to the greatest extent
on record, leading to an unprecedented steep rise in selling
prices. There are also widespread reports of supply issues
causing disruptions to production schedules and impeding
the re-building of buffer stocks.

“The continued inflationary impact of capacity issues at
both manufacturers and their suppliers will be a further
factor keeping headline inflation above the Bank of
England’s 2% target in coming months.” 

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