Cara Haffey, Leader of Industry for Industrials and Services at PwC UK said:
“Ahead of a month with significant focus placed on spending reviews and defence announcements, manufacturers will welcome some cautious signs of positive change in May’s PMI, which improved to a three-month high of 46.4 in May, from 45.4 in April. The report notes that some survey indices - monitoring trends in output and new business - rose for the second month in a row. This provides some encouragement, although this will be viewed against overall production contracting for a seventh consecutive month.
“While it is encouraging to see respondent confidence recover to a three-month high, areas of concern show little sign of respite, not least turbulent trade conditions, weakened economic outlooks and rising cost burdens. These challenges are set to continue during the year ahead, placing a pronounced focus on manufacturers incorporating agility and innovation into their operations and transformation plans.”
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