What are the manufacturing PMIs tellling us?

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The recent run of manufacturing PMIs suggest that manufacturing is coming off the boil after nearly two years of solid growth. The survey again highlights the weakness of the domestic market, reflecting the squeeze on households and government spending.

However, as strong overseas demand has played a dominant role in the recovery of manufacturing, the softening in output growth reported across much of Europe and the BRIC economies could signal a choppier outlook for the rest of this year.

The question is whether the positive trends in recruitment being reported across the sector give us cause to look through some of the external and temporary factors that will have dampened activity over the past couple of months and whether these indicators will simply begin to normalise after a strong rebound in the months ahead.


Media Team 020 7654 1576

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