UK PMI Manufacturing dropped to 32.9 in April, down from 47.8. PMI Services dropped to 12.3, down from 34.5. PMI Composite dropped to 12.9, down from 36.0. All are record lows.
Chris Williamson, Chief Business Economist at IHS Markit, said: “Simple historical comparisons of the PMI with GDP indicate that the April survey reading is consistent with GDP falling at a quarterly rate of approximately 7%. The actual decline in GDP could be even greater, in part because the PMI excludes the vast majority of the self-employed and the retail sector, which have been especially hard-hit by the COVID-19 containment measures.
