Manufacturing has been hit with the highest job losses in November more than any other month since September 2012.
According to new data from IHS Markit/CIPS Purchasing Managers’ Index (PMI) survey found that Brexit uncertainty has caused a cut in costs along with redundancies.
Rob Dobson director at HIS Markit said, “The pace of job losses also hit a seven-year high as firms sought to reduce overheads in the face of falling sales.”
The manufacturing sector scored 48.9 in November, compared to 49.6 in October, meaning anything below 50 shows the sector is contracting.
Duncan Brock, group director at the Chartered Institute of Procurement & Supply said, “A heavy sense of inevitability hung around the sector in November as it continued to suffer the effects of a lethal cocktail of Brexit uncertainty, slowing global growth and an impending general election.”
Brock added, “Inevitably, where new orders fall, jobs are sure to follow and manufacturing employment fell at its fastest pace since September 2012.
“Firms tried to balance their books by reducing overheads and improving efficiencies quickly, and staff numbers were the casualties.”