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Financial News: UK Manufacturing Output Contracts Most Since Mid 2012

UK Manufacturing Output Contracts Most Since Mid 2012

01/02/2020 - 05:06:00 (RTTNews)

(RTTNews) - The UK manufacturing sector shrank in December as output contracted at the fastest pace since July 2012, survey data from IHS Markit showed Thursday.

The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index fell to 47.5 in December, the second-weakest level for almost seven-and-a-half years. The flash score was 47.4.

The PMI remained below the neutral mark of 50.0 in each of the past eight months. Output contracted at the fastest pace since July 2012.

"In the closing stages of the year the sector has ended on a dreary note," Duncan Brock, Group Director at CIPS said.

"Though the result of the General Election will bring some clarity to businesses, it still feels like a long road ahead for manufacturing to recover its losses from this year and there will still be some obstacles to overcome in 2020," Brock added.

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