S&P Global's latest Purchasing Managers Index (PMI) shows that at the end of the third quarter, the output of the manufacturing industry in the United Kingdom continued to grow steadily.

Seasonally adjusted Manufacturing PMI for September was 51.5, lower than the 26-month high of 52.5 recorded in August, and in line with the previous preliminary estimate. PMI has remained above the neutral 50.0 mark for five consecutive months.

Output and new orders continue to grow, with the domestic market remaining the main driver of growth. However, there are signs that a wait-and-see attitude was adopted in the decision-making process, especially due to the upcoming government Autumn Budget statement which has led to a slowdown in output and new business growth. In addition, future expectations have dropped to a nine-month low.