Surveys reveal global slowdown is worsening as manufacturing sinks

Some of the world’s major economies are faltering, with Chinese factory output barely growing and powerful manufacturing countries in Europe falling deeper into malaise, surveys have showed.

In Britain, manufacturing activity shrank at its fastest pace in three years last month as the global economic slowdown hit demand for its goods.

“It doesn’t bode well for the second quarter,” said Sian Fenner at Lloyds Banking Group.