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Adzuna comments on CIPS/Markit Manufacturing PMI

Doug Monro, co-founder of Adzuna comments:

Company Profile

Adzuna

“British manufacturing is struggling to balance its global relationship. It’s hard to stay on an even keel with global finances fluctuating and instability in the steel and oil industries. Both domestic and foreign demand are slowing. Alongside this, there’s some unrest within the industry – recent Bombardier closures are increasing calls for more government support. Manufacturing vacancies fell 9% between December and January to reach 14,022 across the UK. And a potential Brexit is bringing the threat of yet more closures and job losses.

“However, manufacturing in Britain has proven itself to be one of our most resilient industries, always experiencing highs and lows. Advertised salaries rose to £30,783 in January – up 1.5% from £30,339 in December. And so the industry has the potential to make a comeback. Workers in Britain’s beleaguered manufacturing sector should be able to weather this storm.”

Markit/CIPS UK Manufacturing PMI (February)

  • The UK manufacturing sector slowed in February back towards the stagnation mark
  • UK Manufacturing PMI posts 50.8 in February (slightly above the stagnation mark), down from  52.9 in January – its lowest reading since April 2013
  • The growth rate of manufacturing production slumped to a seven-month low in February, led by sharp decelerations in the consumer and investment goods sectors.
  • Manufacturing employment fell for the second successive month in February, although the rate of reduction was only mild. Job cuts were particularly sharp in both the consumer and investment goods categories.
  • Both the capital and consumer goods industries saw levels of total new business decline in February, reflecting subdued trends in domestic and foreign demand.