Stephen Cooper, Head of Industrial Manufacturing at KPMG UK, comments on the Markit/CIPS UK Manufacturing PMI figures published today.
He said: “Uncertainty is the main theme which underpins some of the data in this month’s manufacturing PMI. Europe continues to demonstrate increasing growth and optimism, which is great to see, as they are a critical trading partner. The UK’s figures, whilst still in growth mode with a PMI result of 54.3, reflect the uncertainty felt across Britain, related to both politics and Brexit. While we continue to remain in positive territory, this month’s results show a mixed picture. On the one hand, the UK results display the strongest quarter for three years, with manufacturing employment continuing to rise. On the other hand, we are seeing a slowdown in growth of new business, leading to concerns about the ability of the manufacturing industry to contribute to wider UK economic growth over the next year.
“This is just a one month reading, but it is interesting to see that today’s SMMT report also reflects upon the impact that this uncertainty is having on manufacturing investment. The industry has previously shown signs of resolve, despite the challenges it faces, so let’s hope that UK manufacturers can maintain this success over summer.”
For media enquiries, please contact:
Jo Chileshe, KPMG Corporate Communications
T: +44 (0)121 232 3343
M: +44 (0)7919 211 803
Follow us on twitter: @kpmguk
KPMG Press Office: +44 (0)207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
KPMG has launched a state of the art digital platform that enhances your experience and provides improved access to our content and our people, whatever device you are on.