UK manufacturing suffers slump in demand, says EEF
7 December 2015
From the section Business
UK manufacturing is encountering a poor end to the year amid “gathering gloom” from the global economy, according to industry body the EEF.
It has cut its manufacturing forecasts, expecting a 0.1% fall in 2015, with 0.8% growth next year.
Its survey also points to serious concerns about the future outlooks for the global and UK economy.
It says weakening demand from developed and emerging markets have become more prominent, leading to falling exports.
Steel job losses
As well as exports, the EEF says job prospects have also been hit, particularly with more spare capacity in the oil industry, which has been hit by falling prices.
Meanwhile, recent job losses in steel companies have also hit the sector.
The EEF report follows last week’s Markit Purchasing Managers’ Index (PMI), which showed UK manufacturing slowing in October.
Manufacturing accounts for about 10% of the output of the UK economy.
Source:: BBC UK