Make UK comment on PMI data

Commenting on the latest PMI data, James Brougham, Senior Economist at Make UK, said:

“In the past year, demand has shielded industry from the worst of the fallout brought about by high inflation, soaring energy costs and staff shortages but this protective shield is now clearly ebbing away fast. As new orders dry up, so too does the cashflow that has allowed companies to operate in such a hostile environment. Industry knows this too, posting the worst optimism score since data were collected a decade ago.

“There is clearly a long winter ahead as those businesses that haven’t moved into a battle footing yet soon will, with investment continuing to decline as businesses repurpose planned capex towards business continuity and contingency spend.”

Make UK will publish its Q4 Manufacturing Outlook survey and economic forecasts on Monday 12 November