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Sharp downturn in UK manufacturing continues in May, but pace of contraction eases since April
The rapid downturn in the UK manufacturing sector continued during May, as the public lockdowns, company shutdowns and social distancing measures mandated to combat the spread of coronavirus disease 2019 (COVID19) caused further disruption. Output, new orders and employment contracted at some of the fastest rates during the 28-year survey history, albeit less sharply than the records set in April. The seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index® (PMI®) rose to 40.7 in May, up from a recordlow of 32.6 in April. Despite the increased level of the PMI, it still signalled a marked deterioration in ... (full story)