UK manufacturing returned to growth in October 2025, driven by Jaguar Land Rover restarting plants after a cyber-attack and improved consumer spending. The S&P Global PMI climbed to a one-year high. However, export demand remained weak and input-cost inflation persisted, especially in the US where tariffs weighed on manufacturing activity and stocks of finished goods rose. The diverging regional data underscores uneven global industrial momentum and increased risk for export-reliant economies.