New orders stalled after April's surge, with export demand declining. Production growth continued but at the slowest pace since January. Purchasing activity rose for a third month, though only marginally, while worsening delivery delays depleted stocks of purchases. Backlogs of work were cleared for the first time since February, aided by accelerated job losses. Employment contracted for the 36th consecutive month.

Input costs rose at the fastest rate in four years, driven by energy, fuel, and commodity prices. Output charges increased at the quickest pace in three‑and‑a‑half years as firms passed on higher costs. Supplier delivery times lengthened to their worst since June 2022, which contributed positively to the PMI calculation.

Business confidence remained muted, with optimism about future output above neutral but below long‑run averages. Overall, May's survey pointed to growth tempered by inflationary pressures, supply chain delays, and weaker demand.

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