Andrew Symms said:
“The May manufacturing PMI figures illustrate the impact of global trade tensions and Brexit uncertainty that has resulted in the PMI to drop below the neutral 50.0 benchmark for the third consecutive month to its lowest level since February 2013."
“The underlying data is unfortunately pretty dark. Manufacturing production contracted at the fastest pace since October 2012 and new order inflows deteriorated from both domestic and overseas sources. Employment also fell for the third straight month in June. A lack of transparency caused by Brexit ambiguity is holding back investment. Manufacturers need to take positive steps to understand their supply chains, mitigate risks and ensure, to the best of their ability, that financing is available in case conditions deteriorate further.”
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