Better than expected manufacturing performance pushes sterling higher
01 May 2014Follow @PwC_NI
The data from today’s Markit/CIPS Manufacturing Purchasing Managers’ Index (PMI), says the UK manufacturing sector is performing at a five-month high.
PwC chief economist in Northern Ireland, Dr Esmond Birnie said:
“More good news today from UK manufacturing, reflecting the sector’s sustained improvement and growth, which pushed sterling close to a five-year high against the US dollar.
“Both domestic and export markets have contributed to this steady improvement, with new business from overseas rising for a 13th successive month, supported by a stronger inflow of work from North America, Europe, Asia and the Middle-East.
“This bears out our assessment in yesterday’s PwC Northern Ireland Economic Outlook where we said that the key economic indicators were pointing to further improvement and that local manufacturing employment had increased by over, 1,000.
“Overall, UK manufacturing employment continues to rise in order to expand capacity, achieve higher production, accommodate rising demand and support efforts to clear backlogs of work.
“In the absence of any external shocks, we expect this recovery to continue, both across the UK and in Northern Ireland, where manufacturing and financial and business services are at the heart of the recovery.”
Email: Esmond Birnie
Tel: +44 (0)28 9041 5808
Email: John Compton
Tel: +44 (0)28 9041 5663