UK Manufacturing PMI: production contracts at faster pace as new orders decline at sharpest rate for 19 months

The UK manufacturing sector continued its downturn in March, falling to a 17-month low of 44.9. Business optimism is now at its weakest level since November 2022 due to steeper drops in output, new orders and new export business.  The end of the opening quarter saw the downturn at UK manufacturers deepen. Rates of contraction…