Manufacturing shrinks in the UK, Germany, France and Italy as average output and new orders plummet the most in more than a decadeFrench President Emmanuel Macron visits the Kolmi-Hopen protective face masks factory near Angers, France, March 31 2020. Picture: LOIC VENANCE/POOL/AFPFactories around the world suffered one of their grimmest months on record in March, as the coronavirus led to mass shutdowns and wreaked havoc on supply chains.
There was a hint of a bottom in China as the Caixin Media and IHS Markit PMI rose. Economists caution the better reading was inevitable as workers returned after an unprecedented shutdown and does not yet signal a firm rebound. “The concern is that we are still some way off peak decline for manufacturing,” said Chris Williamson, chief business economist at IHS Makit. “Company closures, lockdowns and rising unemployment are likely to have an unprecedented impact on expenditure around the world, crushing demand for a wide array of products.”
In central Europe, where manufacturing is the main growth engine, factories were plunged into the deepest declines since at least the last global recession. In Sweden, the confidence fell the most on record as major companies started closing production.
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