- UK manufacturing PMI highest in two years
- Sector on the mend; greater demand from abroad gives UK market leg-up
The UK Manufacturing PMI for July rose to 54.6, a 28 month high, according to figures released today by the Chartered Institute of Purchasing and Supply (CIPS).
Stephen Cooper, UK Head of Diversified Industrials, comments: “Super-charged July PMI figures, which we have not seen the likes of since 2011, provide a welcome summer holiday boost for the sector. Both domestic and export demand is bouncing back, with new business from abroad, driven by the slow, but sustained, recovery of our key export partners.
“The US manufacturing sector is also showing improvement, with a rise in export orders and employment. As a dominant global manufacturing player, the US create the wind behind the sails of recovery for many other manufacturing economies. Further afield in Asia, China’s figures came in better than expected, easing some concerns of a sharp slowdown in the world's second-largest economy. Finally, today’s Eurozone PMI figures are showing a welcome return to growth, although unemployment continues to be a major head-ache.
“Yet, we mustn’t be complacent: challenging conditions remain in the UK manufacturing sector, but today’s news bodes well for UK manufacturing.”
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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 over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 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. KPMG International provides no client services.