Manufacturing output in UK falls at fastest rate since 2012
Business optimism fell to its lowest level on record last month as the impact of coronavirus swept through the economy, a key survey revealed today.
Huge downturns in new orders and output that accelerated through March left the closely watched IHS Markit index of manufacturing falling at its fastest rate since July 2012.
It is the first published major economic indicator for March and comes as stock markets started falling after a period of relative calm.
By mid-morning the FTSE-100 Index was down 228.46 points, or 4.03 per cent, at 5,443.50.
Rob Dobson, director at IHS Markit, said: “Output and new orders fell at the fastest rates since mid-2012, while supplier delivery times lengthened to the greatest extent in the 28-year survey history as shortages grew more widespread. The resulting job losses took the rate of decline in employment to its highest since July 2009.”
The transport sector, which includes car manufacturing, suffered the steepest decline. The survey found that business sentiment and optimism about prospects was at its lowest in its history.
Supermarkets said they were continuing to return to normal levels of stock availability after the shortages of early and mid-March caused by panic buying.
Market researchers Kantar said yesterday that March was the highest selling month on record for grocers.
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