CIPS chief economist John Glen commented on the UK

Aihucha News, September 1: John Glen, Chief Economist of CIPS, said that manufacturing activity has fallen sharply again, shrinking for the sixth consecutive month, and the contraction rate is the fastest since May 2020, indicating that manufacturers are in a difficult situation. period. Ongoing pressures from inflation on business costs, as well as systemic weaknesses in the UK and global economies, have also driven the fastest fall in new orders since the financial crisis (barring the pandemic years). Manufacturers have been forced to downsize business operations and lay off employees, and reassess their business prospects for the remainder of the year and in a highly competitive economic environment. However, those with orders in hand are enjoying the fastest delivery times since January, and inflation has slowed to 2016 levels. Some price adjustments eased the pain for manufacturers, whose optimism over the next 12 months hit a four-month high. With the industry still shrinking, the market has cooled further, leaving policymakers with a headache over what steps to take to prevent the economy from slipping into recession.