Manufacturing Sector Growth Slowed Down in April

There was a slight slowdown in the growth for the manufacturing sector during the month of April, according to the Markit/CIPS purchasing managers’ index. From its previous rate of 51.9 for the month of March, it was down to 50.5 for April. Figures that are recorded over 50 marks an expansion the sector. Analysts noted that the rate for April was the fifth consecutive month of growth for the sector. The slowdown was attributed to the sharp decline in orders for the past few months since its rise back in May 2009. According to Lee Hopley who is the chief economist from EEF, “The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting. The bad is that ever present eurozone woes are still bearing down on the short term outlook, with some suggestion of renewed downward pressure on export orders over the past month.”