UK factories report the biggest drop in production in more than 40 years
21 May 2020 03:52 PM
The Confederation of British Industry said that British factories recorded the largest decline in production in more than four decades in the three months to May, with nearly half of the factories carrying out partial closings due to the coronary virus pandemic.
The Confederation of British Industry said its production balance over a three-month period fell to -54 in May from -21 in April, the lowest reading since data began in July 1975.
The industrial orders index fell to its lowest level since October 1981 at -62 in May from -56 last month.
About three quarters of the manufacturers reported cash flow problems and were not more positive about the outlook. Earlier on Thursday, a separate survey of manufacturing purchasing managers came out gloomy for May.
The latest official data indicates that factory production fell by 4.6% in March, when the closure started at the end of the month, although the factories themselves were not required to close.