The Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing sector showed domestic and overseas demand has improved and purchase prices have eased.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“British manufacturers swept into Q4 with a steady wind behind them, bolstered by strengthening markets both at home and abroad, as well as output growth across the consumer, investment and intermediate industries. Production and sales volumes expanded further in October, which keeps hopes alive that there will be a solid end to the year.
“Thanks to improving overseas demand, new export business in October increased at its quickest rate since February 2011. This, combined with the consistent performance of the domestic market, meant that firms were able to uphold job creation levels and hopefully sustain this trend in the coming months.
“The long-running growth in new orders and the increasing demand for new stock by manufacturers is a big opportunity for suppliers, particularly in meeting the increased demand for raw materials and for lowering the burden on capacity constraints. In responding to this opportunity, suppliers can hope to end the year on a high and set up a strong start to 2014.”
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