Hopes for a full-blown recovery came closer to reality as the Markit/CIPS Purchasing Managers’ Index® (PMI®) for manufacturing posted the highest reading since 1994.
There were highs in new exports and growth in employment numbers were also buoyant for the first time in 3 years.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply, said:
“This performance of the UK manufacturing sector is hugely encouraging as it is proving surprisingly resilient. It is now growing at a rate of knots - maintaining the momentum gained in Q1 and faring much better than we could have dared hope for this time last year.
“Positively, purchasing managers reported growth across all sub-sectors and in companies of all sizes. What’s more - given that stock levels are still relatively low, this is a trend we anticipate seeing for some time to come as firms work to try and meet increasing sales demand.
“The real turning point will come when manufacturers feel confident enough to increase their investment and start to build capacity again. The good news is there are already signs this is starting to happen as employment levels are slowly rising on the back of strained capacity and backlogs of work reported for the first time in over a decade."
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