How Osborne sent the march of the makers into reverse

Manufacturing’s strong rallying out of the 2008 recession, was killed stone dead at the turn of 2011, as effects of the government’s economic policies kicked in.

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This morning brings terrible manufacturing news.

Reuters reports:

The latest Markit/CIPS Manufacturing Purchasing Managers’ Index suggests the sector continued to drag on the economy which is mired in its second recession in two years, and may add to expectations the Bank will need to act to ward off the threat of a protracted euro zone-led downturn.

The figures are also likely to add to growing calls for Britain’s Conservative-led coalition government to find new ways to boost growth as it presses ahead with austerity plans. The headline PMI activity plunged to 45.9 in May from a downwardly revised 50.2 in April, its lowest reading since May 2009 and the second-steepest fall in the survey’s 20-year history.

Analysts had expected a more modest dip below the 50-point mark that separates contraction from expansion, to 49.8.

British manufacturing activity shrank at its fastest pace in three years in May as a broad-based global economic slowdown hit demand for British goods, according to a survey on Friday.

 


See also:

Osborne’s march of the makers is beating a retreat 2 Aug 2011


 

As Graph 1 shows, the story of PMI over the last four years is familiar to anyone who has been watching the UK economy over that time: strong rallying out of the 2008 recession, killed stone dead at the turn of 2011, as the effect of the government’s economic policies kicked in.

Graph 1:

PMI
The government has effectively put the march of the makers into reverse.

 


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16 Responses to “How Osborne sent the march of the makers into reverse”

  1. latest blog posts

    How Osborne sent the march of the makers into reverse | Left Foot … //t.co/f1caShqp

  2. Daniel Elton

    @TonyBurke2010 @cormacholly @punite @sunny_hundal How Osborne sent march of the makers into reverse: //t.co/mU39M7IJ on @leftfootfwd

  3. Political Planet

    How Osborne sent the march of the makers into reverse: The story of PMI over the last four years is familiar to … //t.co/EJe12MzI

  4. Pulp Ark

    How Osborne sent the march of the makers into reverse //t.co/CR48jSwG #SustainableEconomy #auterity #depression #muslim #tcot #sioa

  5. Michael

    How Osborne sent the march of the makers into reverse – //t.co/RCtyWHOR

  6. Brian Tomkinson

    How Osborne sent the march of the makers into reverse – //t.co/RCtyWHOR

  7. Cormac Hollingsworth

    How Osborne sent the march of the makers into reverse: //t.co/fNUabNNL : writes @danielelton #doubledip

  8. BevR

    How Osborne sent the march of the makers into reverse – //t.co/RCtyWHOR

  9. leftlinks

    Left Foot Forward – How Osborne sent the march of the makers into reverse //t.co/8ncrFc6f

  10. BevR

    RT @leftfootfwd: How Osborne sent the march of the makers into reverse //t.co/gQ3LHgeg

  11. Tony Burke

    How Osborne sent march of the makers into reverse: //t.co/4t2weqee – by Daniel Elton @ Left Foot Forward

  12. Lord Blagger

    So Labour reduced making from 50% to 35% and you’re trying to say that someone who increased it from 35% to a peak of 60% is doing something wrong?

    Evidence huh, the fly in the ointment to spin.

  13. Anonymous

    Yes, spin away. Pretend this isn’t your fault. That there’s no double-dip.
    Blame anyone except the man in your mirror.

  14. BevR

    RT @leftfootfwd: How Osborne sent the march of the makers into reverse //t.co/gQ3LHgeg

  15. Foxy52

    RT @leftfootfwd: How Osborne sent the march of the makers into reverse //t.co/gQ3LHgeg

  16. Knut Cayce

    RT @leftfootfwd: How Osborne sent the march of the makers into reverse //t.co/dbyhhFjV

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