New figures have shown that activity in the manufacturing sector of the economy fell sharply again in December.
NCB's Purchasing Managers' Index recorded 37.9. Any figure below 50 means that activity fell. The employment part of the index hit a record low of 36.3, with almost a third of companies surveyed signalling that they would cut jobs in the month.
Production fell for the tenth month in a row, due to lack of demand, while new business slumped as customers postponed new projects. New export orders fell steeply, with some companies reporting particularly weak demand from Europe.
But there was better news on costs, with input costs for companies falling for the second month in a row. This index came in at 44.7, the lowest since June 2003, with firms reporting lower raw materials prices and cheaper imports from the UK due to a weaker sterling.
Prices charged by firms fell for the first time in more than five years. as companies cut prices to stimulate demand. This index recorded 44.4.
