UK manufacturers cut jobs at fastest rate since 2012: PMI

LONDON - British manufacturers cut jobs last month at the fastest rate since 2012, a survey showed on Monday, as pressures from Brexit and a global trade slowdown caused the sector’s longest decline since the financial crisis.

But the PMI stuck below the 50 level that divides growth from contraction for a seventh consecutive month, the longest such run since 2009, as the country headed for an early election on Dec. 12 intended to end a parliamentary logjam over Brexit. Britain faced the risk of leaving the EU without a transition deal on Oct. 31, prompting many manufacturers to build up emergency stocks of raw materials, before a last-minute delay until Jan. 31.

Although the unemployment rate is its lowest since 1975, official figures have shown that British employers in the third quarter cut jobs by the most for any quarter in the past four years. Monday’s data suggest this risks continuing.

Is that in response to a slow down in business and the economy or a fast way for companies to cut costs and make more profit.

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