UK: IP shutdown starts small in Mar-20
- The UK manufacturing PMI dropped 3.9 points to 47.8, which is where it broadly was throughout 19H2. Output and new orders decline by more, with the latter likely to cause a deeper decline in April unless the UK lockdown starts to ease.- Energy is providing a positive partial offset as home-workers raise demand, but industrial gas demand was merely back to its seasonal norm in March. Most of the economic damage from the lockdown should fall later and in the services sectors.
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