Justin Benson, director in KPMG's manufacturing team, comments on the CIPS/Markit manufacturing PMI figures published today.
Justin Benson said: "Just a short week ago, we would have been glad for results like this. The PMI is at its highest level since January, indicating growth in the manufacturing sector, due to increases in new orders both domestically and internationally, and an increase in purchasing activity. However, we must wait for July’s PMI results to see what effect the EU referendum and recent market volatility will have. In the short term, with the devaluation of the sterling following the referendum, there will be a positive effect on UK manufacturing exports. The UK’s exports will be more competitively priced and the PMI could continue to offer strong results in the coming 3 to 6 months. Longer term, it remains to be seen how much of an effect import inflationary pressures and the political and economic uncertainty will have on the PMI."
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