May data signalled a further modest deterioration in manufacturing sector operating conditions, largely reflective of a seventh successive month-on-month decline in overall new business. Job shedding persisted as a result, with the latest reduction in staff numbers the sharpest in more than three years. A renewed fall in purchasing activity was signalled by May’s survey, which in turn contributed to an improvement in vendor performance for the first time since July 2009. Meanwhile, average input costs fell at a solid rate, and selling prices decreased for the sixth time in the past seven months. After adjusting for ... (full story)