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(CEP News) Frankfurt - The UK purchasing managers index for manufacturing reached an all-time low of 34.4 in November, down from both the expected 39.7 reading and October's 40.7 figure, Markit Economics said in a report released on Monday. Meanwhile, October's figure was revised down from an initial estimate of 41.5.
Disaggregating the data, Markit reported that output fell to a series-low 31.9 in the month, from October's 41.0, while new orders deteriorated to a record low 29.7, down 7.3 points from October's level. Employment and backlogs of work also suffered further in November, falling to all-time lows of 35.7 and 34.1 respectively. Meanwhile, the input price component slipped to 44.2 for the month, its weakest level in over six years, while output prices came to 52.1, its lowest reading since April 2006. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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