October's data from the Markit/CIPS Purchasing Managers’ Index® (PMI®) for manufacturing paints a bleak picture of substantial reductions in work flow and new orders.
Posting an overall figure of 47.4, the PMI is down from September's 50.8.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“We live in worrying times. The manufacturing sector, which helped to keep growth buoyant earlier in the year, is now struggling to keep its head above water. Following a short–lived improvement last month the manufacturing PMI has now dropped like a stone to a 28-month low and officially into contraction territory.
Confidence is being hit hard as the sector feels pressure from all angles, with continued uncertainty in the Eurozone being the main contributing factor as last week’s short-lived optimism fades. Overall the mood is somewhat sombre, a loss of contracts amongst manufacturing companies and delays in projects has led to the fastest decline in new orders for 31 months and it seems that the backlog of work is also depleting fast along with employment prospects.”
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