UK factories see sharp decline for May, but less than in April
British factory activity saw a sharp decline for the month of May, according to a survey conducted on Monday. However, the pace of the decline was much slower than that of April, when the COIVD-19 lockdown brought most of the economy to a near halt.
The final IHS Markit/CIPS Manufacturing PMI for May was at 40.7, unchanged from a preliminary reading of 40.6. The level was still below the 50-mark which indicated growth.
May’s 40.6 in contrast to April’s 32.6 suggested that factory output was not falling as fast as previously recorded.
IHS Markit director Rob Dobson said that the sector’s recovery would still be weighed down by the implementation of new working practices, weak demand, Brexit worries, and uncertainty on the length of the lockdown across the country.
Britain’s dominant services sector was hit the most during the lockdown measures. A final version of the PMI for services firms in the country is expected to be published on Wednesday.