01/05/2020
Commenting on today’s PMI data, Seamus Nevin, Chief Economist at Make UK, the manufacturers’ organisation, said:
“These record low figures are a stark reminder if any were needed that industry is facing an economic tsunami that is likely to get worse before it gets better. Whilst there are very tentative ripples of recovery in some activity elsewhere, there is little doubt we are heading for a severe recession which will require Government and industry to work together as never before.
“The manufacturing sector has proven itself to be incredibly resilient and a key national asset but today’s PMI result showing production, employment, new orders and exports all contracted at the fastest rate in 28 year history of the survey makes clear that even if a gradual easing of the lockdown begins soon, the consequences of this shock will continue to hurt our economy and impact livelihoods for some time.”