Reports of demand weakness were prevalent throughout the latest survey, with deteriorating market conditions the primary cause of the latest reduction in new orders. New export orders decreased more quickly than total new business amid declining demand in international markets. Production was down across each of the consumer, intermediate and investment goods categories, with the overall pace of reduction remaining solid. Employment was down for the fourth consecutive month, and at a marked pace that was stronger than that seen in May. Falling input prices meant that firms had some leeway to reduce their own charges in a bid to stimulate demand.
