Manufacturing strong for 13th month in row
THE manufacturing industry recorded a thirteenth consecutive improvement in operating conditions with the rate of growth up marginally from May to 55.3 from 55.
Employment growth moderated from May’s high, which was the fastest rate of growth recorded since December 1999, but remained robust, the latest manufacturing PMI from Investec showed.
"Given the improving economic conditions at home and abroad and manufacturers’ own confidence (as evidenced by their on-going willingness to increase staffing levels and purchasing activity), the outlook for the rest of the year looks bright," said Investec economist Philip O'Sullivan.
The solid rate of growth in June was driven by further strength in new orders, which grew at the fastest rate since February 2011.
The sharp increase in new orders was attributed to improving economic conditions and higher demand from abroad, with the rate of growth in New Export Orders rising to the highest level in over three years while the UK and Asia were cited as key sources of growth in export business during the month.