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Make UK’s Chief Economist Seamus Nevin said:

 

“Today’s PMI release shows more weak performance for the UK manufacturing sector. Whilst the figures show the sector is still in positive territory, this is mainly thanks to companies building large stockpiles of goods. These activities have broken another record and confirmed how preparatory activities for a potential no deal Brexit are running on all cylinders and creating a false boom. The reality is that orders are stagnating and future output is expected to decline with optimism clearly hit by the gathering storm clouds.

 

“On the other side of the Channel, Eurozone manufacturing went into its deepest downturn for almost six years as trade war worries, slowing global growth, and the UK’s imminent exit from the EU all hit demand. The slump, which is being led by Europe’s powerhouse Germany as well as France, Spain, and Italy, will worry British businesses. The possibility that the EU, the world’s biggest economy, is heading towards a recession right at the moment the UK leaves doesn’t bode well for our global trade prospects.”

News / Economic indicators / Purchasing managers index