UK manufacturing 'hits 29-month high'
Consumer spending and exports have been identified in two reports as a key factors driving the current resurgence in UK manufacturing.
EEF and Markit have published reports indicating renewed confidence in the sector with EEF stating that manufacturers have upgraded their growth forecasts and Markit/CIPS’ Purchasing Manager’s Index (PMI) signifying five consecutive months of expansion. The seasonally adjusted PMI rose to a 28-month high of 54.6 in July, up from a revised reading of 52.9 in June. Figures above 50.0 indicate growth.
Furthermore, figures released today by the Office of National Statistics (ONS) say production output rose 0.6 per cent between the first and second quarter this year, with the largest contributor to this growth coming from manufacturing, up 0.7 per cent over the same period. Added buoyancy has been provided by SMMT, which predicts a rise in new car registrations for 2013 of 2.216 million units, 8.4 per cent ahead of 2012.
EEF’s half-year Economic Prospects reports that the UK economy will likely pick up momentum this year with increased consumer spending remaining a key driver of growth, and improved confidence supporting a recovery in business investment.
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