Growth of UK manufacturing production and new business gather pace in July

The final S&P Global UK Manufacturing PMI eased to 51.9 in July from 52.5 in June — a four-month low, though still above 50 for a ninth straight month. Despite the softer headline, output, new orders and new export business all accelerated, with production growth hitting its fastest pace in almost two years as stronger new orders and export demand offset slower hiring and lower purchase stocks. Input cost inflation slowed to a five-month low and supply-chain delays eased to their lowest since the Middle East conflict began, though business confidence stayed subdued amid geopolitical and policy uncertainty.