UK's manufacturing sector sees sharpest job losses since 2020 as demand plummets

The UK's manufacturing sector has seen its activity drop to a fourteen-month low, according to a new survey. This is due to lower demand and weak confidence within the industry.

The S&P's manufacturing purchasing managers' index (PMI) revealed that downturns have deepened as firms prepare for changes in the Government's budget, as reported by City AM.

The PMI fell to 46.9 from 47.0 in January, which was then the lowest level in 11 months.

Despite beating the 'flash' estimate of 46.4, the PMI showed that the downturn led to the most significant job losses since mid-2020. All three sectors - consumer, intermediate, and investment goods - ex