PwC comments on the S&P Global UK Manufacturing PMI - March 2025

Cara Haffey, Leader of Industry for Industrials and Services at PwC UK said:

“March’s UK Manufacturing PMI shows that sector optimism, which has remained markedly resilient for some time, is starting to show strain, as difficult operating conditions continue not only to persist but also to evolve. The additional and latest challenge posed by US trade tariffs is also beginning to come into sharp focus. The PMI notes that business optimism is at its weakest level since November 2022, coupled with a headline PMI figure of 44.9, marking a 17-month low and representing a sixth consecutive month of contraction.

“Given the broad spectrum of challenges facing the sector - be it the national minimum wage and national insurance increases, rising uncertainty around global trade, or wider economic growth - it is unsurprising to see new order intakes take a significant hit. The PMI indicates that the fall in March was the greatest extent since August 2023 and occurred at one of the quickest rates since the pandemic-related lockdown months of 2020.”