Tuba Ongun
03 April 2023•Update: 03 April 2023
ANKARA
Manufacturing activity in the UK contracted for the eighth consecutive month in March, according to data released on Monday.
Britain’s manufacturing purchasing managers’ index (PMI) decreased to 47.9 in March, from February’s 7-month high of 49.3, financial services company S&P Global reported.
A reading above the 50.0 no-change threshold level indicates growth, while anything below that signifies a contraction.
For the UK, the index has stayed below the neutral mark for eight successive months.
Market conditions remained restrained as new export business declined and overall new order books posted only fractional growth, S&P Global said.
On a more positive note, cost inflation eased and average supplier lead times improved to the greatest extent in survey history, it added.
Business optimism strengthened to a 13-month high, with a majority of manufacturers forecasting output to rise over the coming year, the statement said.
