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Manufacturers concerned over Brexit as sector shrinks

by LLB Reporter October 1, 2019

written by LLB Reporter 1^st Oct 19 12:09 pm

According to new figures the UK manufacturing sector has shrunk for the fifth month in a row, the worst since 2009.

The purchasing managers index (PMI) hit 48.3 in September. Anything below 50 is a contraction.

Rob Dobson, director at IHS Markit, which compiles the survey said, “The UK manufacturing downturn continued in September, adding to signs that the sector may be sliding into recession.

“Output, new orders and employment all fell further as rising political, trade and economic uncertainties exacerbated concerns about Brexit.

“Some manufacturers noted increased inventory-building activity in preparation for the forthcoming exit date, but the impact of such Brexit-related stock-building was dwarfed by weakening demand for other customers, due in part to client’s routeing supply chains away from the UK.”

IHS Market added that jobs has fallen at its fastest rate since February 2013 across all sectors of manufacturing.