Umbrella company contractors working in the manufacturing industry will be pleased to hear that the sector is experiencing significant growth in Q4.
The latest Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI), revealed that growth is at a three month high within the sector.
Manufacturing production rose for the nineteenth successive month in October – although the rate of expansion remained below the average for the year so far, figures are still stronger compared to September’s low.
Umbrella company contractors in the manufacturing sector will be pleased to learn that hiring within the industry rose further during October.
Rob Dobson, Senior Economist at survey compilers Markit, said, “The latest report is a positive marker for the start of the final quarter, as the growth rate of the UK manufacturing sector staged a mini-recovery in October. The headline PMI hit a three-month high, improving on September’s low.
“Although the pace of expansion remains below that seen at the start of the year, suggesting the sector will remain only a modest contributor to broader economic growth, it is positive to see the sector break its recent sequence of slower growth. Continued growth of employment, especially at SMEs, suggests that the recovery in the labour market is holding sway.
David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply, added,“The manufacturing PMI this month received a domestic-fuelled boost as the index reported growth at a three-month high. With new export business declining, it was the UK picking up the new business tab, as the Eurozone continued to experience weakened economic growth with the added punch of unfavourable exchange rates.
Simon Dolan is the Sales & Marketing Manager for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual.
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