Stephen Cooper, Head of Industrial Manufacturing at KPMG UK, comments on the latest IHS/Markit UK Manufacturing PMI.
Commenting on the latest IHS/Markit UK Manufacturing PMI, Stephen Cooper, Head of Industrial Manufacturing at KPMG UK, said:
“We expected grim news from this month’s UK Manufacturing PMI readings and that unfortunately came to fruition, albeit with marginal improvement on last month’s performance.
“A backdrop of global trade wars, Brexit uncertainty and concerns regarding the slowing global economic growth continue to weigh heavily on the industry, with Europe, our leading trading partner, far from immune. Indeed Europe posted their worst performance since October 2012.
“Lower orders for new work, job losses and reduced investment levels due to prolonged uncertainty paints a rather bleak set of conditions which are unlikely to abate any time soon. This reinforces the importance for manufacturers to ensure that their working capital and supply chains are as robust as possible to weather these challenging times.”
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