Make UK comment on PMI data

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

“Today’s results show the economy is on the glidepath to anaemic growth with industry now at risk of facing a recession. Despite supply disruptions easing and, industry’s ability to meet demand nearing optimal levels, the extra capacity means little if consumers are no longer in a buying mood.

“It’s clear that manufacturers’ expectation of the future is driving reduced activity today, with inflation and higher interest rates resulting in companies engaging defensive manoeuvres by cutting jobs and investment to protect the viability of their business. Whilst a slowdown is now more likely, industry’s behaviour is only natural in the absence of a long-term strategy from Government to grow the manufacturing sector.”