The UK Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing sector went down to 48.4 in September.
Production fell as new export orders decline and cost inflation spikes on oil and food price increased.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“‘Fragile’ continues to be the watchword for the UK’s manufacturing industry as production edged slightly lower in September than the month before. It may seem incredible that the current subdued situation and outlook could be viewed as positives, but when you consider where the industry has come from over the past couple of years, the situation is at least broadly stable.
“The search for the Holy Grail of growth may take manufacturers to unfamiliar shores as exports remain challenging, especially when 50% of UK exports head to Europe. Increased levels of new work from clients in the USA and the Middle East signify that there are markets where UK manufacturers are having success due to a global, open and flexible approach. More of this approach across the industry may well help identify and focus exports where there are growth opportunities.
“Domestically, UK consumers appear to be doing their part for the recovery, with a strengthening in demand for consumer goods. However, with inflation creeping into the equation, as a result of rising commodity prices, it remains to be seen if this demand will hold strong.”
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