UK manufacturing growth stronger in October
A new Purchasing Managers Index (PMI) survey has reported that manufacturers in the UK experienced strong growth in October. This spike of prosperity was driven by a higher domestic demand as well as export orders.
The IHS Markit purchasing managers’ index for manufacturing rose to 56.3 in October, up from 56 in September, beating economic forecasts.
This is the fifteenth consecutive month of expansion for the industry, and will no doubt fuel debate over whether the economy is ready for an interest rate rise.
“UK manufacturing made an impressive start to the final quarter of 2017 as increased inflows of new work encourages firms to ramp up production,” said Rob Dobson, a senior economist at IHS Markit.
PMI growth chart
While the survey acknowledged the influence of the UK domestic market and new export orders increased, the consumer sectors fell to a seven-month low.
Duncan Brock, a director and contributor to the survey, warned against manufacturers settling into a false sense of security. He predicted an “endless onslaught of inflationary pressures”, such as rising commodity prices and competition over raw materials.
Brock insists our economic climate remains uncertain. Ongoing Brexit negotiations, as well as the increased chance of a rise in interest rates continue to make clients very “jittery”.
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