New data from Lloyds Bank has revealed that UK economic output has fallen to the lowest levels seen since the nationwide lockdowns of the coronavirus pandemic shut down the economy.

The report noted the bank’s UK Sector Tracker found that key areas of the British economy it tracked saw output plummet, as demand for goods and services shrank. Twelve of fourteen sectors across manufacturing services and construction saw, output drop last month. That was up from nine sectors in September.

The data also showed that more industries registered decreases in new orders than had been seen since the first lockdown in May of 2020.

The weakest performance was seen in the chemicals sector, which had an index of 29.5. A reading of 50.0 indicates neither expansion nor contraction, while above 50.0 marks an expansion, and below 50.0 marks a contraction. Metals and mining came in second worst, at 31.1, and household products came in at 38.4.

More than 50% of the sectors monitored by Lloyds Bank since July have consistently shown falling output and demand, in a clear measure of worsening economic conditions.

Jeavon Lolay, Head of Economics and Market Insight at Lloyds Bank, said, “The indications from our report suggest that the UK economy may already be in recession. With both our domestic challenges and global headwinds unlikely to materially recede in the short term, the key question revolves around how long this downturn may last.”

Staffing levels in chemicals, metals and mining, household products, and banks all slumped as well in October, which was the highest number since February.

The decline in the economic output was attributed by analysts to the skyrocketing inflation being produced by rapidly rising energy costs. As prices have risen, businesses and consumers have had to scale back on spending to make ends meet.