EEF comments on today's PMI

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Commenting on today’s PMI, Zach Witton, Deputy Chief Economist at EEF, the manufacturers’ organisation, says: “After an encouraging start to 2016, the manufacturing PMI took a turn for the worse in February, falling to its lowest level in nearly three years and barely remaining in growth territory.


“Activity levels deteriorated on the back of weakness in new orders, with domestic demand no longer compensating for lacklustre export orders. The weakness led manufacturing to post job losses for the fifth time in the last seven months. On a brighter note, the weakness was not across the board as new orders for intermediate goods edged higher.

“Manufacturers face a challenging environment, with subdued demand from emerging markets and the ongoing weakness of the oil price weighing heavily on companies in the oil and gas supply chain. Against this backdrop, manufacturers will be looking at the forthcoming Budget and will want to see the Chancellor avoid adding significant costs at a time when business conditions are tough.”


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