Britain’s manufacturers have outperformed expectations in the first half of 2010, according to latest analysis of the sector published by EEF, the manufacturers’ organisation and BDO LLP.
Hetal Mehta, Senior Economic Advisor to the Ernst & Young ITEM Club, believes that manufacturing will continue to lead economic recovery in the UK.
Mehta made the assumption following news that UK manufacturing in May grew at its fastest pace in more than 15 years.
UK manufacturing PMI dipped from a 15-year high of 58 in May to 57.5 in June, according to the latest Markit/Chartered Institute of Purchasing and Supply survey.
Export order growth fell to 50.7 from 56.7 in May.
Employers are today being urged to get up to speed on the impact of the new Equality Act to ensure their employment policies and procedures are up to date and to avoid potential claims.
The pace of economic recovery in the first few months of this year was higher than first thought.
The Office for National Statistics said yesterday that manufacturing production rose in March by 2.3 percent on the previous month.
That followed a 1.4 percent gain in February.
The index rise has exceeded forecasts for a rise to 57.5.
The reading was the highest since September 1994.
A figure of more than 50 indicates a rise in activity.
The UK manufacturing industry suffered an unexpected 0.9 percent decline between December and January, according to the Office for National Statistics (ONS).
January’s freezing weather conditions were to blame for the figure.
Manufacturing activity had surged by 0.9 percent in December, which also affected the month-on-month comparison in January.
Manufacturers’ expectations for production and orders has turned positive, with manufacturers saying output will rise over the next three months exceeding those expecting declines by 27 percentage points, a study released today by the EEF, the manufacturers’ organization, and BDO LLP has shown.
Just when you thought it might be all over and the news started improving, another set of statistics come along to remind the manufacturing industry the economic recovery may be underway but it’s by no means going to be plain sailing from here on in.
According to the fourth quarter survey released by EEF in conjunction with BDO, a combination of world market recovery and a weak pound is starting to have a positive affec