Umbrella company contractors in the manufacturing industry will be pleased to hear that job creation remains solid.
This is despite the fact that the start of 2018 saw a further easing in the rate of expansion of the UK’s manufacturing sector.
Overall, UK manufacturers maintained a positive outlook, with over 55% forecasting production to be higher in one year’s time. Optimism reflected improved market conditions, global economic expansion, fuller order books, export opportunities, investment in new equipment and planned product launches.
Rob Dobson, Director at IHS Markit, which compiles the survey, commented, “The UK manufacturing sector reported an unwelcome combination of slower growth and rising prices at the start of 2018. Encouragingly, despite the slowdown, the latest survey is consistent with production rising at a solid quarterly rate of around 0.6% in January, with jobs also being added at a faster pace.”
Duncan Brock, Director of Customer Relationships at the Chartered Institute of Procurement & Supply, added, “Growth in the manufacturing sector continues to provide positive encouragement for the UK economy as the year started on a positive, if slightly reserved note.
“Job creation remained strong, as optimism rose to its highest level for two years, even though orders from the domestic market were overshadowed by one of the biggest spikes in export orders in four years. Along with the strength of the global economy and investment by the sector in marketing and product launches, this is setting manufacturing up for a successful year ahead.”
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|Simon Dolan is the Managing Director for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual. Learn more about Lucy on Google.