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Gloucestershire Business News

August economic recovery slows

UK economic recovery has slowed, resulting in a six-month low as there have been supply chain problems and job shortages. This has been in the manufacturing and service sectors.

As recently reported, the vehicle manufacturing industry has dealt with supply chain issues. Food and beverage companies such as Nando's, KFC and Arla have also suffered problems with supply chains in the poultry and dairy industries.

There have also been problems with the 'pingdemic', the fact that many workers across supply chains are being told to self-isolate after being in close contact with someone who caught covid.

The economy in the UK grew by 4.8 per cent in the second quarter, which sounds promising, except for the fact that this still leaves us 4 per cent lower than pre-pandemic.

The IHS Markit/CIPS Flash UK Composite PMI- an indicator of economic health gave a 55.3 reading for this month, the lowest number since February, when we were still under most lockdown measures. Last month saw a much higher reading of 59.2. Experts expected August's number to be on average 58.4

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