EEF comment on IoP data

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Commenting on today’s IoP data, Georgios Nikolaidis, Senior Economist at EEF, the manufacturers’ organisation, said:

“Whilst at face value the data shows manufacturing contracting, this monthly data is hardly a meaningful indicator of the post-referendum state of the sector, with output on a rollercoaster ride since the beginning of the year. Rather, the contraction is likely to reflect an unwinding of the spectacular gains in manufacturing output during the second quarter. Incoming data in the next few months will help us piece together a more complete picture about the impact of Brexit-related uncertainty on manufacturing activity levels.”


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