The British manufacturing downturn worsened in May, as output, new orders and employment all fell at faster rates amid headwinds of weak domestic and foreign market conditions and client de-stocking, survey results from S&P Global revealed Thursday.
The Chartered Institute of Procurement & Supply manufacturing Purchasing Managers' Index, or PMI, dropped to a four-month low of 47.1 in May from 47.8 in March. The flash estimate was 46.9.
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