LONDON, March 3 (Xinhua) -- Britain's manufacturing sector continued to contract in February amid rising costs and sluggish demand, according to data released by S&P Global on Monday.
The seasonally adjusted UK Manufacturing Purchasing Managers' Index (PMI) fell to a 14-month low of 46.9 in February, down from 48.3 in January, the S&P Global said, noting that the manufacturing PMI has been below the 50 level, meaning contraction, for five months in a row.
Production declined for the fourth consecutive month in February as manufacturers reduced output due to fewer new orders, low client confidence, and supply chain disruptions. Businesses experienced weaker demand from both domestic and international markets.
The domestic market was hampered by rising cost pressures, reduced consumer spending willingness, and the effects of policy changes, it said.
New export business fell "at the quickest pace in a year," amid reports of reduced new orders.
"The deepening downturn at manufacturers filtered through to the labour market in February, with the latest data signalling the steepest cut to employment in the sector since May 2020," it said.
