The latest CIPS UK Manufacturing PMI has reported strong growth of output, new orders and jobs.
KPMG’s UK Head of Industrial Manufacturing, Stephen Cooper, said: “We are on the up both in our general economy, and also in the manufacturing field. The growth in new orders has fed through to an increase in manufacturing employment. Job growth is always a highly encouraging trend and an increase in employment generally increases the spend power of consumers which normally further feeds the upward wider economic growth.”
Mr Cooper said the UK was matched by an upswing in manufacturing in the USA where there is a recent upward trend in manufacturing output. He said Chinese manufacturers had signalled the first improvement in overall operating conditions for six months in June, and output had risen for the first time since January.
“Clearly the one to watch is Europe, where there is a general slowdown in manufacturing in a number of countries - in particular French and German manufacturing - where output has slowed.
“This may not be good news for exports for the UK over time, as Europe still accounts for a significant amount of UK exports.
“However, overall this shows the growing optimism in the UK Manufacturing field,” he added.
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Notes to editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.