[ad_1]
Manufacturing Hits 14-Month Low as Private Sector Activity Stalls Under Reeves
It’s more unhappy reading for the Treasury, as UK manufacturing PMI has hit a 14-month low of 46.9, a contraction for the fifth month in a row. According to S&P Global, the decrease in output and downturn in new orders has led to the steepest job losses since mid-2020. Rob Dobson of S&P Global laid the blame at Reeves’ door, saying:
“Weak demand, low client confidence and rising cost pressures are accelerating the downturns in output and new orders, while the Autumn Budget’s changes to the national minimum wage and employer NICs are driving up inflation fears and intensifying the downward trend in staff headcounts.”
The CBI now predicts four consecutive quarters of decline in the private sector, with consumer services facing the bleakest outlook – 55% expect a downturn, the worst reading in over two years. Meanwhile, more than a quarter of mid-sized business leaders are increasingly worried about rising employment costs. Party for ‘growth’ latest…
[ad_2]
Source link
