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UK manufacturing sector slumps at fastest rate in 8 years

Christian Fernsby |
UK manufacturing output and new orders have declined at the fastest rate in eight years due to the coronavirus pandemic, according to a survey of business leaders.

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Data provider IHS Markit said on Wednesday its closely watched purchasing managers’s index (PMI) for the manufacturing sector fell to 47.8 in March.

The index is measured on a scale of 0 to 100, with anything above 50 signalling growth and anything below signalling contraction. It slipped into contraction from a reading of 51.7 in February.

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