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Financial News: UK Factory Activity Contracts At Fastest Pace On

UK Factory Activity Contracts At Fastest Pace On Record

05/01/2020 - 04:57:00 (RTTNews)

(RTTNews) - UK manufacturing activity contracted the most on record as the outbreak of coronavirus, or covid-19, pandemic caused substantial disruptions in the sector, final survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Friday.

The manufacturing Purchasing Managers' Index fell to 32.6 in April from 47.8 in March. The flash reading was 32.9.

Data showed that manufacturing production, new orders and employment all contracted at the fastest rates in the 28-year survey history, while vendor lead times lengthened to the greatest extent so far.

The global pandemic also hit overseas demand, leading to a series-record drop in new export business.

Business sentiment also remained low by the historical standards in April. Nonetheless, companies still expect output to be higher one year from now.

Inflationary pressures remained mild in April. Average input costs rose only slightly and to the least marked extent in the current five-month sequence of increase. At the same time, selling price inflation was at a near four-year low.

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