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| Big UK manufacturers cut jobs amid Brexit uncertainty | |
| (35 minutes later) | |
| Britain’s biggest manufacturers are cutting jobs and becoming increasingly reluctant to hire amid growing uncertainty over Brexit, according to a survey. | Britain’s biggest manufacturers are cutting jobs and becoming increasingly reluctant to hire amid growing uncertainty over Brexit, according to a survey. |
| The report from the IHS Markit and Chartered Institute of Procurement and Supply purchasing managers’ index found the number of employees working at large firms fell for a second successive month in September. | The report from the IHS Markit and Chartered Institute of Procurement and Supply purchasing managers’ index found the number of employees working at large firms fell for a second successive month in September. |
| The survey, which is closely watched by the Bank of England for early warning signs from the UK economy, suggested smaller manufacturing firms kept hiring last month to boost operating capacity, although large companies shed jobs. Firms suggested the lack of clarity on the UK’s future trading relationship with Europe was a factor. | The survey, which is closely watched by the Bank of England for early warning signs from the UK economy, suggested smaller manufacturing firms kept hiring last month to boost operating capacity, although large companies shed jobs. Firms suggested the lack of clarity on the UK’s future trading relationship with Europe was a factor. |
| Duncan Brock, the group director at the CIPS, which compiles the survey from about 600 UK manufacturers, said: “This all highlights once again there are still weaknesses in the sector and that doubt remains deep-seated until a robust Brexit deal is signed on the dotted line.” | Duncan Brock, the group director at the CIPS, which compiles the survey from about 600 UK manufacturers, said: “This all highlights once again there are still weaknesses in the sector and that doubt remains deep-seated until a robust Brexit deal is signed on the dotted line.” |
| The monthly gauge of factory output showed a modest improvement in September as firms increased production compared to August, with the Markit/CIPS PMI index rising to 53.8 compared with 53.0. | The monthly gauge of factory output showed a modest improvement in September as firms increased production compared to August, with the Markit/CIPS PMI index rising to 53.8 compared with 53.0. |
| The increase halted a period of slower growth in factory output and confounded City economists’ forecasts for a reading of 52.5, on a scale where 50 separates growth from contraction. | The increase halted a period of slower growth in factory output and confounded City economists’ forecasts for a reading of 52.5, on a scale where 50 separates growth from contraction. |
| Economists said UK factory output remains lacklustre despite the recovery, with risks from Brexit preventing stronger growth. The average level of output recorded over the three months to September was the weakest since June 2016, immediately ahead of the EU referendum. | Economists said UK factory output remains lacklustre despite the recovery, with risks from Brexit preventing stronger growth. The average level of output recorded over the three months to September was the weakest since June 2016, immediately ahead of the EU referendum. |
| Slower growth in the eurozone is also partly to blame, while there are also concerns over the impact from US import tariffs used by Donald Trump in an attempt to create more manufacturing jobs in America. | Slower growth in the eurozone is also partly to blame, while there are also concerns over the impact from US import tariffs used by Donald Trump in an attempt to create more manufacturing jobs in America. |
| Export order books rose slightly, although shipments of components bought by other manufacturers for use in their factories dropped for the third straight month – ending the worst quarter for more than three years for UK exporters of these goods. | Export order books rose slightly, although shipments of components bought by other manufacturers for use in their factories dropped for the third straight month – ending the worst quarter for more than three years for UK exporters of these goods. |
| Rob Dobson, a director at IHS Markit, said this suggests that “foreign companies may be sourcing less from UK-based component suppliers” ahead of Brexit. | Rob Dobson, a director at IHS Markit, said this suggests that “foreign companies may be sourcing less from UK-based component suppliers” ahead of Brexit. |
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