UK manufacturing activity contracted in March due to the outbreak of the coronavirus, or Covid-19, and the subsequent mitigation efforts, the final survey data from IHS Markit showed Wednesday.
The IHS Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 47.8 in March from 51.7 in February. The flash estimate was 48.0.
Output fell to the greatest extent since July 2012 following a similarly severe reduction in intakes of new business. The impact was also felt in the labor market and through supply chains.
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