EEF comment on PMI data

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Commenting on today’s PMI data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“The massive bounce in the figure last month wasn’t quite a blip, but the pace of activity appears to have moderated in November. While ongoing expansion in the sector signalled by todays figure is to be welcomed, the positive trend isn’t broad based across industry and isn’t supporting sufficient confidence to prompt a return of employment growth.

“This lines up with what we’re hearing from manufacturers, with flagging world trade growth and the low oil price dragging on some sectors being partly compensated with brighter demand prospects from consumers.”

EEF will publish its Q4 manufacturing outlook survey and revised economic forecasts next Monday, 7 December.

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