The manufacturing downturn deepened in May, as rates of contraction in output, new orders and employment all accelerated. Manufacturers were hit by weak domestic market sentiment, lower new export order intakes and client destocking, which offset the tapering benefits from improving supply chains. There was better news on the costs front, however, with average input prices falling for the first time in three-and-a-half years. The seasonally adjusted S&P Global / CIPS UK Manufacturing Purchasing Managers’ Index® (PMI®) fell to a four-month low of 47.1 in May, down from 47.8 in April but above the flash estimate of ... (full story)