direct: Industrial activity in the UK contracted during the past month, due to the Corona virus and measures to control its spread in the country.
Data released by Market Research, today, Wednesday, showed that the final reading of the manufacturing purchasing managers’ index in the United Kingdom showed the level of 47.8 points recorded last March with the final reading compared to 51.7 points recorded in the previous month.
The index reading is the lowest in three months, and less than the initial reading last March at 48 points.
The reading indicates that the UK’s industrial activity shifted from expansion to deflation, as it fell below the 50-point gap between expansion and contraction.
The statement attributed the decline in industrial activity in the United Kingdom to the decline in new orders and consumption in both the internal and external markets, in addition to the decline in production and new orders at the largest pace since July 2012, after the outbreak of “Covid-19” around the world.
By 10:15 am GMT, the British pound fell by about 0.4 percent at the level of $ 1.2366.