The UK’s manufacturing sector shrank in September at the fastest rate since the early 1990s.
According to the Chartered Institute of Purchasing and Supply, their purchasing managers’ index fell to 41 last month, its lowest reading it began in 1992.
Any reading below 50 means things are getting worse. The survey found that domestic demand was particularly weak.
This is the fifth consecutive month of contraction in the manufacturing sector, with September much worse than expected. August’s result was 45.3, and analysts had forecast a figure of about 45 for last month.