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Factories in upbeat mood despite fears over economic impact of US war on Iran, poll finds UK manufacturers ramped up production last month for the fourth consecutive month and at the fastest pace in almost two years, according to a leading survey of the industry. The S&P Global poll of manufacturers found them in upbeat mood in July, though anxious about the prospect of a long war in the Middle East that would block supplies of oil and gas, and raise the cost of production. Uncertainty about the outcome of the war meant the S&P Global purchasing managers’ index (PMI) dipped in July, but maintained a run of nine months of expansion. The PMI fell back to 51.9 in July, down from 52.5 in June. A reading above 50 denotes a period of expansion.
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