The latest figure signaled a further deterioration in the country's operating conditions, driven by a steep fall in new orders due to weak demand conditions. Output declined at the second-fastest pace since December 2022, as incoming new work dwindled.
Employment was reduced and backlogs of work dropped sharply. Meanwhile, disinflationary pressures persisted as input costs fell at the quickest rate since December 2008 and selling prices were cut for the third month running.
Finally, optimism remained subdued. Despite firms' expectations of a rise in output over the coming year, confidence was dampened by factors such as muted demand, lower investment, and higher wage costs.
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