MANUFACTURING INDUSTRY ENJOYS ‘DELAYED RECOVERY’, NEW REPORT SAYS

Manufacturers’ organisation the EEF has said the sector is enjoying a ‘delayed recovery’, regaining ground after a ‘sluggish’ 18 months.

The report, published in December 2016, details a pick-up in confidence about UK prospects and optimism for new recruitment as well as an output balance stronger than that previously forecast. A strong rebound in UK orders beat previous expectations, whilst investment intentions reached a seven quarter high.

Whilst overseas new orders were found to be lagging behind domestic orders, the report predicted a turnaround within three months. However it pointed to inflationary pressures building as well as ‘significant’ price rises in the pipeline, with profit margins likely to be squeezed throughout 2017.

Lee Hopley, EEF chief economist, said: “This is the most upbeat reading on the state of manufacturing we’ve seen for some 18 months and signals the start of brightening conditions, which had been briefly knocked off course following the referendum.”

A survey of almost 400 firms showed the majority of manufacturing sectors and regions reported being more positive in the past three months compared with the previous quarter. With this encouraging news, and the figurative tightening of belts more pertinent than ever, now could be a good time to review your business operations.

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