Justin Benson, director in KPMG’s manufacturing practice, comments on the CIPS/IHS Markit manufacturing PMI figures. It highlights that UK PMI fell to lowest level since early 2013 at start of third quarter.
Justin Benson said: “There was some good news in and amongst the PMI figures for UK manufacturing. The level of incoming new export orders in the sector rose for the second successive month in July, aided by both the recent depreciation of the sterling exchange rate and efforts by companies to secure new contracts. However, businesses need to keep an eye out for increased costs coming through towards the end of the year, as the cost of imported components for manufacture start to rise.
“The PMI figures also show that uncertainty following the EU referendum has caused a reduction in confidence, which has led to some businesses putting a hold on recruitment. With order books contracting, manufacturing businesses of all types need to prepare for what this means for them.”
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