Reports of falling delivery times from suppliers were the most widespread since the survey started in 1992, in sharp contrast with 2021 when manufacturers reported record delays thanks to the COVID-19 pandemic. (Reporting by Andy Bruce; Editing by Toby Chopra)
Messaging: @brucereuters)) LONDON, April 3 (Reuters) - British manufacturers
slipped deeper into decline in March but turned more optimistic
about the future as cost pressures and supply chain problems
eased off, a survey showed on Monday.
The S&P Global/CIPS UK manufacturing purchasing managers'
index (PMI) fell to 47.9 from 49.3 in February, slightly below a
preliminary reading for March of 48.0. Readings below 50
indicate a contraction in activity.
"The downturn in output was driven by declines in both the
consumer and intermediate goods sectors. In contrast, investment
goods production rose for the second month in a row," survey
data company S&P Global said.
The survey's gauge of costs paid by manufacturing - a good
guide to official producer input price inflation - eased to its
lowest level since June 2020, below its long-run average before
the COVID-19 pandemic.
Bank of England interest rate-setters are likely to view
that as good news as they survey the extent of price pressures
in Britain's economy in the run-up to their next decision in
May. Financial markets were split last week on the prospect of
another interest rate hike.
The PMI's gauge of future output rose to its highest level
since February 2022.
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