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More plummeting lines: Manufacturing output falling at fastest rate since recession

Manufacturing PMI stands at 45.4

The UK manufacturing purchasing managers' index (PMI) fell to a 38-month low, now standing at 45.4. A PMI of 50 indictates that orders are remaining unchanged, while any lower indicates contraction. A level that low indicates quite severe contraction, worse than any seen since the end of the recession. Worse still is the output index, a subcomponent of the overall index, which has not only fallen to a level not seen since the recession (43.3), but is falling at a rate not seen since then either:

As the chart shows, the ONS' manufacturing stastic tracks closely to the PMI. And given manufacturing makes up 10 per cent of Britain's GDP, there's no good way this story ends.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.