Make UK comment on PMI data

Commenting on today’s PMI data, Fhaheen Khan, Senior Economist at Make UK, said:

“As the economy tries to find its bearings after months of political crisis, manufacturing may already be in a recession with demand falling rapidly. Until recently, the consumer’s willingness to spend on goods and services was the final saving grace ensuring industry’s persistence in trying times, despite record levels of inflation. It is clear there is a limit to how long this can go on for with a slowdown pointing to further decline and a deep recession next year looking more likely by the day.”