UK PMI Manufacturing was finalized at 32.6 in April, down from March’s 47.8. Markit said that “manufacturing production, new orders and employment all contracted at the fastest rates in the 28-year survey history”. Also, the coronavirus pandemic “hit overseas demand, leading to a series-record drop in new export business.”
Rob Dobson, Director at IHS Markit: “The outstanding question remains how long the current restrictions will need to remain in place, and which sectors can start to safely reopen. The pressure is mounting, as the longer the global economy remains in lockdown the greater the cost to industry will grow, and the greater the likelihood that more jobs will be cut.”
