Author: Tronserve admin
Monday 26th July 2021 09:56 PM
UK Manufacturing PMI Plunges to Near 30-Year-Low in April Amid COVID-19 Outbreak
LONDON, May 1 (Xinhua) -- Britain's manufacturing sector saw a record slump in April amid the COVID-19 crisis as output, new orders and employment all contracted at the fastest rates in nearly 30 years, said a report published Friday.
The purchasing managers' index (PMI) for the manufacturing sector dropped to 32.6 in April, down from 47.8 in March, as the outbreak of novel coronavirus hit the country's manufacturing sector and its supply chains, according to data published by IHS MARKIT/CIPS.
"UK manufacturing suffered its worst month in recent history in April, as output, orders books and employment all fell at rates far surpassing anything seen in the PMI survey's 28-year history," said Rob Dobson, director at IHS Markit, a London-based global information provider.
"The survey-record contractions in output, new orders, employment and new export business were felt across the manufacturing sector, with series-record declines in each of these variables seen across the consumer, intermediate and investment goods sub-industries," said the report.
As the consequences of the COVID-19 outbreak, companies struggled amid closures, weak domestic and global demand and labour shortages, said the report following a joint survey by IHS Markit and CIPS, a UK-based global procurement and supply organisation.
"Huge swathes of industry were hit hard by company closures, weak global demand, lockdowns and social distancing measures in response to COVID-19," said Dobson, adding that "the only pockets of growth were seen at firms making medical and food products."
Dobson noted that the outstanding question remained "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," added Dobson.
British Prime Minister Boris Johnson said Thursday that the country is "past the peak" of the COVID-19 outbreak as another 674 patients have died, bringing the total coronavirus-related death toll in Britain to 26,771.
Johnson said he will publish a "comprehensive" plan next week, which will cover three things: how Britain can restart the economy; how can the country get children back to school and get people into work. Enditem