EEF comment on PMI data

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

“Despite a broad-based slowdown in the rate of expansion in June, manufacturing activity for the last quarter still came in at a three year high, pointing to a solid contribution from the sector to growth. This adds to recent data over the past few months indicating that industry will continue to support the UK economy by providing a counterweight to slowing services output.

“The drivers of growth remain by and large international with the global economy starting to fire on all cylinders and manufacturers pouncing on the double whammy of stronger demand from key markets and weak sterling to grow and diversify their export base.

“However, the build-up in political uncertainty looks to be dampening sentiment in the sector somewhat. Encouragingly, this hasn't derailed manufacturers’ recruitment plans, who are powering through uncertainty to ensure production lines are running at full swing.“


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