he Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing industry posted at 52.3 in June.
As growth in new orders and output gains momentum, price pressures remain subdued.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:"Momentum is building in manufacturing as the sector begins to work up a head of steam. The industry experienced another good month to round off a solid Q2. The two-year high in new business growth will do much to reassure firms we are on track for a recovery. Both domestic and export orders played their part, with consumer goods showing particular signs of traction.
Employment is the one disappointing spot, showing little change from last month; a reminder of the anxiety that still exists in the sector. The swell in order books and increased levels of purchasing activity however, signal that the subdued labour market trend may be shortlived.
Firms will also take heart from the drop in input costs, which has enabled them to reduce their own prices for the first time in over three years. This has eased the pressure on margins and enabled manufacturers to stay competitive. Long may it continue."
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