Jobs blow as fac­tory slump takes its toll

Daily Mail - - City & Finance -

MAN­U­FAC­tUR­eRS shed jobs last month at the fastest rate for more than seven years amid ‘ grow­ing paral­y­sis’ ahead of the Gen­eral elec­tion, ac­cord­ing to a report.

the Pur­chas­ing Man­agers In­dex (PMI), a closely watched in­dus­try health-check, warned that man­u­fac­tur­ers had been hit by a ‘lethal cock­tail’ of chal­lenges, as a slow­down in the global econ­omy com­bined with do­mes­tic pres­sures, in­clud­ing un­cer­tainty over Brexit.

the re­sult has been a deep­en­ing malaise at fac­to­ries as out­put, new or­ders and em­ploy­ment all fell, ac­cord­ing to the anal­y­sis from IHS Markit and the Char­tered In­sti­tute of Pro­cure­ment And Sup­ply.

Com­pa­nies scaled back pro­duc­tion as or­ders fell for the sev­enth con­sec­u­tive month, re­flect­ing tougher con­di­tions in the UK and over­sees.

the de­cline in ex­port or­ders was one of the steep­est reg­is­tered over the past seven years.

these fac­tors – com­pounded by a ‘fresh in­jec­tion of un­cer­tainty’ since the elec­tion was called for December 12 – have re­sulted in fac­to­ries cut­ting more jobs to save money.

In fact, last month saw man­u­fac­tur­ing em­ploy­ment fall for the eighth con­sec­u­tive month, with the pace of job losses the steep­est since Septem­ber 2012.

the sec­tor reg­is­tered a ‘ PMI’ score of 48.9 in Novem­ber, lower than its 49.6 score in oc­to­ber. Any­thing be­low 50 means that the sec­tor is con­tract­ing.

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