Is this a glimpse of post Brexit era?
Newly released Purchasng Managers’ Index – PMI from Markit shows a dramatic downturn almost reminiscent of periods in 2009.
Speaking about the data, Markit’s chief economist, Chris Williamson, said (emphasis ours):
“July saw a dramatic deterioration in the economy, with business activity slumping at the fastest rate since the height of the global financial crisis in early-2009.
“The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to ‘Brexit.'”
The Purchasing Managers’ Index (PMI) is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.- The Independent UK