Good news for those working in the manufacturing sector as recent data shows that production growth is the fastest since February 2022.
Output growth and strengthening of new orders have created improved business confidence, leading to the first increase in workforce levels since September 2022.
The S&P Global UK Manufacturing Purchasing Managers’ Index™ (PMI®) also found that three in five companies predict a rise in production over the coming year, well above the expected four per cent.
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Rob Dobson, Director at S&P Global Market Intelligence, commented on the findings, “UK manufacturing has started the second half of 2024 on an encouragingly solid footing. July saw growth of production and new orders strengthen and staffing levels rise for the first time since September 2022.
“Hopes for an economic revival and reduced political uncertainty took confidence to one of its highest levels for two-and-a-half years, with 60% of companies surveyed now forecasting output will rise over the coming 12 months. There were also further signs that the trend in new export business is close to stabilising following a prolonged period of decline.”
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