UK manufacturing shifts into higher gear in September, but autumnal mists loom
UK manufacturing shifts into higher gear in September
Stephen Cooper, Head of Industrial Manufacturing at KPMG UK comments on the IHS Markit/CIPS UK manufacturing PMI results, released today.
He said: “The UK manufacturing PMI figures for September showed a small but nonetheless very welcome improvement. Domestic demand was more positive and orders to North America and Europe increased slightly on August’s numbers. However, this is in contrast to the overall European reading, which has seen its weakest indicator for two years. It’s also interesting that job creation at UK SMEs continued to grow, offsetting the decline in larger companies, but it’s a mixed picture, particularly for inventory levels – with some businesses building and others reducing.
“As for the future, continued political uncertainty in the form of Brexit and global trade wars, combined with fluctuating foreign exchange rates, is of concern to manufacturers and makes forecasting difficult. All the more reason then for businesses to truly understand their supply chains, particularly as inflationary pressures continue to build and supply shortages are, in some areas, evident. Manufacturers will undoubtedly be looking towards this week’s party conference speeches for more clarity.’”
For media enquiries only, 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 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people 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.
© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.