The manufacturing sector experienced the highest job losses in November, more than any other month since September 2012.
According to the latest IHS Markit/CIPS Purchasing Managers’ Index (PMI), Brexit uncertainty has caused a cut in costs along with a large increase in the number of redundancies across the sector.
Manufacturing scored 48.9 in November, compared to 49.6 in October. Anything below 50 shows the sector is contracting.
Commenting, Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply, says: “A heavy sense of inevitability hung around the sector in November as it continued to suffer the effects of a lethal cocktail of Brexit uncertainty, slowing global growth and an impending general election.
“Inevitably, where new orders fall, jobs are sure to follow, and manufacturing employment fell at its fastest pace since September 2012.
“Firms tried to balance their books by reducing overheads and improving efficiencies quickly, and staff numbers were the casualties.”
At Beavis Morgan, our specialist advisers to the manufacturing sector are able to assist with all aspects of business performance including ensuring that adequate measures are put in place to protect the health of your business, both now and for the future.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.