UK manufacturing continues to recover
UK manufacturing battles it’s way out of recession and continues to recover from the impact of Lockdown.
According to a business survey from PMI, our manufacturing sector is now expanding at its fastest rate in several years.
PMI surveys allocate a number to the economy. If the number is 50 or above, the economy is growing.
The PMI number for August is 55.2
According to the survey’s Duncan Brock;
“Domestically, customers are playing their part in the recovery of the UK economy, with an upswing in new orders accelerating to the fastest rate since November 2017. A smidgen of good news from overseas too with a small uplift in export orders for he first time in almost a year as optimism across the board was maintained that business could only get better.”
“It seems the sector may be experiencing a ‘V’ shaped recovery with the fastest rate of growth in the manufacturing sector since May 2014. However, amidst this positivity the elephant in the room remains the poor employment figures. The drop in job numbers in August makes this feel more of a rebalancing strategy than real recovery.”
So, UK manufacturing continues to recover from the impact of Lockdown and Covid 19. However, as the furlough scheme winds up, there may also be further job losses as well.
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More details about PMI surveys here.