The opening quarter of 2016 saw the UK manufacturing sector register one of its weakest performances during the past three years. The seasonally adjusted Markit/CIPS Purchasing Managers’ Index® (PMI® ) posted 51.0 in March, only a couple of ticks higher than February’s 34- month low of 50.8. This left the quarterly average at a relatively subdued level of 51.6, equalling the lowest recorded since the PMI first moved back above the neutral 50.0 mark in early 2013. March saw production rise at a pace unchanged from February’s seven-month low. Where an increase in output was registered, this mainly reflected improved inflows of new business. The domestic market was the prime source of new contract wins.
The intermediate goods sector recorded the steepest expansions of both production and new business during the latest survey month. The performance of the consumer goods sector also remained mildly positive. Output of consumer products rose moderately following a solid rebound in new order volumes from February’s contraction. The trend in investment goods output growth continued to slow sharply, as new work received fell for the second straight month.
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