Record index fall latest blow to economy

DIFFICULTIES in the economy intensified yesterday as the NCB Purchasing Managers’ Index (PMI) fell to 44.7, the lowest in the report’s 10-year history.

For the past five months the PMI has been below the 50 mark, indicating that output has been falling over that period.

New orders fell at a record rate in April, while export orders fell at the fastest rate for almost five years.