UK manufacturing continues growing

The UK manufacturing sector has grown for the sixth month in a row, consequently recording its best quarterly performance for more than two years, according to a new survey. The Markit/CIPS Purchasing Managers’ Index fell slightly to 56.7 in September, down on 57.1 recorded in August, but was still significantly above the figure of 50 which indicates expansion. Output growth and new orders both remained high in September, prompting further optimism that the sector’s strong performance indicates a rebalancing of the UK economy. Senior economist at Markit, Rob Dobson, said: “These numbers are encouraging... with goods production likely to provide a major stimulus to economic growth in the third quarter”.Sales & Marketing Director for Skipton Business Finance, Andy Grantham, said: “With many of our clients being in the manufacturing industry, we appreciate just how crucial this sector is to the UK and how its continuing success will help benefit the economy as a whole”. Employment levels and prices also both rose at their fastest pace for two years, further enhancing the prospects of the UK economy as a whole growing in Q3. The manufacturing sector accounts for approximately 10% of the UK economy.