EEF comment on PMI data

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Commenting on today’s PMI data, Zach Witton, Deputy Chief Economist at EEF, the manufacturers’ organisation, said:

“Today’s data suggests the challenging export environment and weak demand for investment goods in the oil and gas sector has started to take a toll on business confidence, especially the fact manufacturing jobs posted losses for the first time in more than two years. There are also signs that domestic demand driven by consumers – a recent key supporter of the PMI - is coming off the boil, with consumer goods producers seeing a substantial slowdown in output growth. Overall, until we see an improvement in export markets, manufacturing will remain under pressure.”


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