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 sharp drop to a three year low and another month of reported job cuts could be the clearest sign yet that referendum uncertainty is starting to weigh on the real economy.  However, this is just another straw on the back of a sector already grappling with the struggling oil and gas sector, softening domestic demand and weak order outlook from other parts of the world, all of which are failing to provide any counterbalance to the political uncertainty at home.  

“Following on from the contraction in output in official data for the first quarter, it will require everything that could go right to come good in the second half of the year if manufacturing is to avoid another year of falling output.”

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