The UK Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing sector shows disappointing fall in February.
Posting at 47.9, down from January's 50.5, tough market conditions, both at home and abroad, weigh on demand.
David Noble, CIPS CEO said:
“After a postive January, February’s disappointing figures will serve as a reality check for the manufacturing sector. February witnessed the first contraction since November 2012, a situation exacerbated by poor weather, and will no doubt represent a dent in the confidence of the sector.
“Of concern is the dearth of encouraging signs for the future. The sector witnessed a fall in new orders at home and a continued lack of demand abroad and, perhaps most ominously, we saw the greatest fall in employment for 40 months. Moreover, the sector seems to continue to grapple with the ongoing problems of playing hostage to European fortunes, whilst unable to fully take advantage of emerging growth markets.
“A slight reversal in fortunes on input prices offers the slightest respite to manufacturers who were able to pass costs on to suppliers, but not sufficiently to offset the damage done elsewhere.”
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