It is reported by the Telegraph that the UK manufacturing sector has experienced its fastest production growth since February 2022. The Purchasing Managers’ Index (PMI) registered 52.1 in July, up from 50.9 in June. A reading above 50 indicates growth in the sector. Companies credited the growth to higher demand from new product launches, efforts to clear backlogs of work, and improved intakes of new business. Output, new orders, and employment were all up, with the first increase in workforce levels since September 2022. However, inflationary pressures remain a concern, with input costs rising and selling prices increasing. Dave Atkinson, UK head of manufacturing at Lloyds Bank, said the growth will provide a boost to the sector and may encourage businesses to reconsider investment plans.
iBOSS Comment:
More good news (especially when a bank manager sounds positive!!). If you are struggling to raise finance to grow your business, or you need some help and advice, then call us on 01327 349 779 or complete the enquiry form on our web site to ask for a free, ‘no-strings’ consultation on the options available to your business.
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