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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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.