The UK Markit/CIPS Purchasing Managers’ Index® (PMI®) showed UKK Manufacturing index down for second month running.
- Sharper falls in output and new orders, as export demand remains weak
- Cost-caution leads to job losses, stock depletion and lower purchasing
At 47.5 in October, from a revised figure of 48.1 in September, the seasonally adjusted Markit/CIPS Purchasing Manager’s Index® (PMI®) fell for the second successive month and to its lowest level since July this year. The latest reading was broadly in line with the average for Q3 2012 as a whole.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“The UK’s manufacturing industry continues to suffer from a potent cocktail of declining export sales, depressed demand and rising cost pressures which have resulted in a hangover that the industry has been struggling to shake off all year.
“There is little in last month’s figures to encourage the industry. Where once it looked like high growth areas in Asia might offer opportunities to offset the acutely fragile situation in the Eurozone, it now looks like the global economic slowdown is stifling demand in Asia which is threatening to depress the manufacturing industry in the UK still further.
“The one vestige of hope for the industry comes from the consumer goods sector which bucked the trend in the previous month with export orders and domestic demand up. The consumer appears to be holding their ground despite the retrenchment of their business counterparts. However the consumer alone cannot take away the industry’s pain.”
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