Record decline in manufacturing in April, continued in May

Producers’ activities in the country continued to decline in May as well, with a continuous decrease in new orders in the country. At the same time, companies are rapidly reducing the workforce due to weak manufacturing activities. It was said on Monday in a monthly survey report.

Earlier, there was a record decline in manufacturing activity in the month of April. Eliot Kerr, an economist at IHS Markit, said, “The latest PMI data shows that manufacturing output has declined again in May. Earlier, a record decline was recorded in April, which was the result of stagnant trading activity. “According to the survey, production was down due to weak demand following a record decline in April. As a result, companies have rapidly reduced workforce. For the first time during the data being collected for the last 15 years, such a decrease in the number of employees has been observed.

According to the Health Ministry data, 5,394 people have died so far due to Covid-19 while more than 1.90 lakh have been infected. Weak demand from the international market has also weakened the selling trend. New business from abroad declined further in May.