A recent Markit survey, which is based on its monthly UK Purchasing Managers\u2019 Index (PMI) reports, has shown that UK-wide manufacturing growth increased in May.<\/p>\n
The PMI figure rose to 52 in May, up from 51.8 in April, with high demand from the domestic market helping to compensate for lower overseas demand.<\/p>\n
Though manufacturing accounts for approximately 10 per cent of the UK economy, May\u2019s growth increase was weaker than analysts had initially predicted, but this has been attributed to lower exportation rates and the strength of the pound.<\/p>\n
Rob Dobson, senior economist at Markit, highlighted the fact that while the figure indicated an increase in growth it also \u201ccalled into question\u201d predictions for how the UK economy is expected to perform in the second quarter.<\/p>\n
Mr Dobsons said: \u201cManufacturing looks on course to act as a minor drag on the economy, as the sector is hit by a combination of the strong pound and weak business investment spending.\u201d<\/p>\n
EEF\u2019s chief economist, Lee Hopley, said that manufacturing was still growing, despite disappointment that the rate of growth was not as high as hoped for at the start of 2015.<\/p>\n
She said: \u201cMuch of this weakening is down to the impact of the decline in oil and gas activity on the supply chain.\u201d<\/p>\n
The EEF represents about 25 per cent of the UK\u2019s manufacturers, and Ms Hopley said the \u201cweakening trend\u201d for the sector could continue to the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"
A recent Markit survey, which is based on its monthly UK Purchasing Managers\u2019 Index (PMI) reports, has shown that UK-wide manufacturing growth increased in May.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/799"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=799"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/799\/revisions"}],"predecessor-version":[{"id":800,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/799\/revisions\/800"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}