An article in the FT reports that UK manufacturing output is dropping at the fastest rate since 2012, following the break-out of Covid-19.
The FT says the manufacturing Purchasing Managers’ Index (PMI) survey undertaken by IHS Markit/Cips fell to 47.8, a three-month low. A rating below 50 indicates most of those business leaders who responded reported a contraction in activity.
“The manufacturing sector was knocked sideways by the impact of Covid-19 and into contraction territory, experiencing some of the most challenging trading conditions since PMI records began,” said Duncan Brock, group director at the Chartered Institute of Procurement and Supply.
Difficulties obtaining raw materials, shipping delays and closed borders had led to the sharpest contraction in orders since 2012 and supply chains “crumbling”, he added.
Read the article here
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