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:

“Today’s data shows a solid quarter of expansion for manufacturing with production levels and new orders held firm, supported by strengthening activity in key markets, particularly Europe.  That said, the indicator may well provide a snapshot of what we can expect in the wider economy over the coming year, with a slight deceleration in activity driven mainly by consumer spending tempered by rising prices and squeezed real incomes.

“Today’s data certainly doesn’t set off any alarm bells but it does signal that the consumer, one of the big props of UK growth in recent years, is already under the cosh and if there is any loss of momentum in the global economy, these strong manufacturing indicators could falter.”

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