UK Manufacturers Report Sharpest Job Cuts In Seven Years

UK manufacturers reported cutting jobs at the fastest pace since 2012 as they were “squeezed between a rock and hard place”, and reducing their stocks as new orders faltered, according to a closely watched industry survey, the Financial Times reported. The IHS Markit/CIPS Purchasing Managers’ Index for manufacturing slipped to 48.9 in November, down from 49.6 in October, but above the earlier flash estimate of 48.3. A reading below 50 indicates a majority of businesses reporting falling output. The contraction in activity resulted in a fall in jobs with the employment sub-index dropping to 46.81 in November, the lowest level since September 2012. “November saw UK manufacturers squeezed between a rock and hard place, as the uncertainty created by a further delay to Brexit was accompanied by growing paralysis ahead of the forthcoming general election” said Rob Dobson, director at IHS Markit. Read more