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UK PMI data generally positive, but helped by some negatives

UK DATA

Generally a very positive report for the UK PMI but there were some negatives which actually pushed the manufacturing number higher regarding delays due to global shipping (which won't be helped if the Suez Canal remains blocked for a few days), customs delays and raw material costs.

  • "Capacity pressures and supply shortages contributed to the quickest rise in backlogs of work across the manufacturing sector since May 2010. Longer wait times for supplier deliveries were overwhelmingly attributed to a lack of global shipping availability and customs delays. An imbalance of demand and supply pushed up raw material costs, with subsequent efforts to protect margins leading to the steepest increase in factory gate charges since January 2017."
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