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IHS Markit/CIPS UK Manufacturing PMI indicated that output fell in July to an extent not seen since July 2012, and a rate exceeded only twice since early-2009. The index is consistent with manufacturing production falling at a quarterly rate of 1%, or 4% annually. 1/ 
New orders also fell at one of the steepest seen over the past decade as the past three months has been the worst spell for exports for seven years. Job losses accelerated in response. July saw the 2nd sharpest drop in factory employment since early 2013. 2/
Alongside the cooling pace of manufacturing growth, the survey saw a further easing of prices pressures. The PMI gauge of input costs fell to the lowest since April 2016 while the index of average selling prices slipped to the lowest since June 2016 (former charted here v PPI) 3/
Key manufacturing PMI comparisons (includes US flash index) illustrate how the international environment has clearly become more challenging, and helps explain some of the UK's export loss despite the more competitive currency following the slide in the value of the pound 4/
A boost to growth could again be seen in the lead up to the scheduled Brexit date on 31st October, as companies (and households) build safety stocks of items ahead of potential supply disruptions, as was seen in the first quarter of 2019. Howevere, .... 5/
the deteriorating international environment suggests that any such boost will prove short-lived. Even in the event of a smooth non-disruptive Brexit, UK manufacturers could struggle in the months ahead and continue to act as a drag on the economy unless global trade picks up 6/6
