The UK manufacturing sector contracted for the second successive
month in March, as company's scaled back production in response to
lackluster demand from both domestic and overseas markets.
The
seasonally adjusted Markit/CIPS Purchasing Manager's Index (PMI) edged
higher to 48.3 in March, an improvement on February's four-month low of
47.9 but insufficient to raise the headline index back above the neutral
mark of 50.0. The average reading over Q1 2013 as a whole (49.0) was
slightly below that for the final quarter of last year (49.2).
UK
manufacturers reported further declines in both production and new
orders during the latest survey period. Output fell at the steepest pace
since last October, whereas the rate of contraction in new business
eased marginally since the prior month. Lower output was linked to tough
market conditions and subdued client confidence. There were also a
number of reports mentioning stock management initiatives and ongoing
bad weather conditions.
Source by Commodity Insights
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