British manufacturing PMI hits seven-year low in August: survey

0 Comment(s)Print E-mail Xinhua, September 3, 2019
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British manufacturing purchasing managers' index (PMI) plunged to 47.4 in August, hitting a seven-year low due to the headwinds of Brexit uncertainty and a global economic slowdown.

The reading of 47.4 in August, down from 48.0 in July, showed the PMI slid to its lowest level since July 2012.

According to IHS Markit, which compiled the survey, new orders contracted at the fastest pace in over seven years, with a sharp order reduction across the consumer, intermediate and investment goods industries.

Meanwhile, the level of new export business and business optimism both slumped to its lowest level since July 2012.

Rob Dobson, director at IHS Markit, said: "High levels of economic and political uncertainty alongside ongoing global trade tensions stifled the performance of UK manufacturers in August."

"Business conditions deteriorated to the greatest extent in seven years, as companies scaled back production in response to the steepest drop in new order intakes since mid 2012," Dobson said.

"The current high degree of market uncertainty, both at home and abroad, and currency volatility will need to reduce significantly if UK manufacturing is to make any positive strides towards recovery in the coming months," Dobson added.

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