–EEF: UK Q3 Manufacturing Output Balance 4 vs 20 In Q2
–EEF: UK Q3 Manufacturing Total New Orders Balance 3 vs 17 In Q2
–EEF: UK Q3 Manufacturing Export Orders Balance 2 vs 11 In Q2
–EEF: UK Q3 Manufacturing Employment Balance 16 vs 21 In Q2
LONDON (MNI) – Output in the UK manufacturing sector has fallen so
far in the third quarter as the Eurozone crisis and a slowdown in
emerging markets has hit exports, according to a report from EEF, the
manufacturers’ organisation and business advisers BDO LLP.
The previous survey from the EEF/BDO showed manufacturers had
anticipated some softening in output and orders, but today’s survey
showed a more marked weakening than expected across a range of
indicators.
The manufacturing output balance fell to 4, down from the 20 level
seen in Q2 and its lowest level since Q4 of 2009. The total new orders
balance fell from 17 to 3, the weakest balance since Q1 of 2010. Export
orders also fell with the balance dropping to 2 from 11 in Q2.
Manufacturing firms also reported a fall in employment in the
sector in Q3 with the employment balance falling to 16 from 21 in Q2.
Commenting on the data, EEF Chief Economist, Lee Hopley, said that
the Eurozone crisis and slowing demand from emerging markets was having
a significant effect on the UK’s manufacturing sector.
“The weaker global outlook precipitated by the on-going economic
challenges in Europe has clearly hit home in our latest survey. Pockets
of growth still remain in some sectors, but overall confidence appears
to be draining away,” she said.
“The sharp drop in export balances over the past quarter is a
particular concern given their importance to UK manufacturers and also
our economy’s reliance on exports as a source of growth,” she added.
–London newsroom: 4420 7862 7492; email: wwilkes@marketnews.com
[TOPICS: M$B$$$,MABDA$,MABDS$,MT$$$$]
