UK manufacturers report strong output growth

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Tuesday, Jul 25 2017

UK manufacturers report strong output growth

Production among UK manufacturers grew at the fastest pace since January 1995 in the three months to July, according to the latest quarterly CBI Industrial Trends Survey. The survey of 397 manufacturers also found that employee headcount increased at the fastest rate for three years and that hiring intentions for the coming quarter also improved. Optimism rose marginally in the three months to July, while export optimism for the year ahead rose at a slower, but still healthy pace.

Growth in total orders moderated in line with expectations, but remained robust. Domestic orders expanded at a strong pace, similar to the rate in the previous quarter, and growth in export orders also remained brisk, despite slowing somewhat. Output growth is expected to continue to grow strongly in the quarter ahead and manufacturers are upbeat about prospects for overall demand. Domestic orders are expected to continue growing strongly, while expectations for growth in export orders improved to a four-decade high. Alongside robust expectations for demand, firms accumulated raw materials at the fastest pace since April 1977 and stocks of work-in-progress expanded at a record rate.

More in this category: « German Ifo business morale hits new record high US consumer confidence back near 16-year high »

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