UK manufacturing PMI at 14-month high in May

CIPS 3 June 2013

Growth of new orders and output accelerate

The Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing sector offered further hope for the UK economy, posting 51.3 in May.

Higher output and new orders lead to increased employment as input prices fall for the second consecutive month.

David Noble, CIPS CEO said: "Optimism abounds in the manufacturing sector as continued growth, improving economic conditions, new orders and job creation all contribute to a 14-month high for the PMI in May. the industry, battered and brusised in the last 18 months, is still building from a low base and as ever, there's more work to do, but this is a solid foundation which bodes well for the future.

"A strong improvement in domestic market conditions has boosted new business in the UK giving manufacturers the confidence to develop new products, clear backlogs of work and hire more staff. This is accompanied by higher demand in North America, East Asia and even parts of the Eurozone, which having been a drag on the sector for so long, now shows welcome signs of improvement.

"To complete the good news, all three sectors of the market delivered solid growth, with consumer goods production leading the way once again. The investment goods sector boasted a 14-month high in output growth and intermediate goods hit a 26-month high in new business, confirming the brighter outlook."

For press enquiries, call the Press office on 01780 756777or email: The PMI data is available to purchase.

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