Latest data released by Procure - 2 March 2020
- Prior 47.8
The rise in the headline reading is a bit misleading once again - similar to other manufacturing PMI readings, although the output sub-index also did improve.
The bulk of the jump owes to the deterioration in the supplier delivery times index, which is inverted to give a 'false positive' of manufacturing conditions. Procure notes that:
"The rise in suppliers' delivery times is not a good sign in the current environment... supply disruptions stemming from measures to contain the spread of coronavirus are more likely to be responsible for the extended delivery times than capacity utlisation levels. Problems are evidently beginning to surface in the supply chains."
