UK's manufacturing PMI fell to 47.5 in October, missing expectations for 48.0.
This is down from 48.1 in September. And any reading below 50 signals contraction.
"The UK manufacturing sector saw overall operating conditions deteriorate for the sixth successive month in October," wrote Markit, the publisher of the report.
Here are the key points from Markit:
This is down from 48.1 in September. And any reading below 50 signals contraction.
"The UK manufacturing sector saw overall operating conditions deteriorate for the sixth successive month in October," wrote Markit, the publisher of the report.
Here are the key points from Markit:
- UK Manufacturing PMI down for second month running
- Sharper falls in output and new orders, as export demand remains weak
- Cost-caution leads to job
"The downturn in the UK manufacturing
sector gathered pace at the start of Q4 2012. Production and new orders
fell at faster rates as manufacturers faced a quiet domestic market and a
further deterioration in new export orders. While the road to an
export-led recovery is still blocked by the ongoing difficulties in the
Eurozone, it is concerning to hear further reports of the global
slowdown hurting trade with other regions such as Asia.
“All of this is placing manufacturers on a
cautious footing, especially regarding costs, which will filter through
to the wider economy in the form of manufacturing job losses, lower
levels of input purchasing and disinvestment of inventories. A recent
return of cost inflation is also squeezing margins at a time of
restricted pricing power.
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