EEF comments on PMI data

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Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, says:

“Yesterday’s positive news on manufacturing output in the first half of 2014 was tempered today by a weaker than expected PMI reading for September. Activity is still on the rise with the survey reporting growth in new business from domestic and overseas markets, but the pace of expansion is clearly levelling off – a trend now seen in all manufacturing surveys. The flat picture in European markets is inevitably proving to be a drag on export demand, with manufacturing activity across the region at a 14 month low. Our forecasts, nevertheless, continue to show output and employment growth in the official data through the remainder of this year.”

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