The Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing sector in the UK has shown hopeful signs that the UK economy is on track for recovery.
Posting at 54.6, up from last month's revised figure of 52.9, output and new orders rose sharply as price pressure remained subdued.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“The much vaunted march of the makers has finally materialised with the UK manufacturing sector’s output growth hitting a 29-month high in July. Exports have been critical to this success, but it is the broad based nature of the sector’s performance which endorses the view we are on track for solid and accelerated growth in the coming months.
The ability of British manufacturers to market themselves abroad was always seen as crucial to long-term success and so it has proved. New export business has grown at its quickest rate in two years in a sign that macro-economic conditions are improving. Domestic performance has also been strong.
The consumer goods industry has led the recovery, however it is perhaps even more encouraging to see increasing output and orders in both the intermediate and investment goods industries as well. As a result, confidence is high, jobs growth climbed to a two-year peak and the relatively subdued nature of inflationary pressures rounds off a very good month for manufacturers.”
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The August 2013 Report on Manufacturing will be published on: Monday 2nd September 2013 at 09:30