|
Comment from Andy Hodgson, Head of Drives & Motion Control, Siemens UK & Ireland in response to IHS Markit/Purchasing Managers (PMI) Index – 1 September 2016: “We welcome with cautious optimism the latest Markit/Purchasing Managers figures for August which show a more positive picture than earlier in the year. The fact that Britain’s factories recorded their highest level of activity for 10 months is good news and is certainly a move in the right direction. “While the good news has undoubtedly been influenced by better export conditions for UK manufacturers, there is no doubt we should expect continued market volatility for the near future. And, as always, a continued focus on growing productivity across industry still remains essential.” Commenting on yesterday’s PMI data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said: “Manufacturers, unnerved in July by the referendum outcome, appear to have their mojo back in August. Business has carried on as normal and the weaker exchange rate is providing support for exporters in a broad range of markets in fairly short order. However, as anticipated, the fall in Sterling has also led to a rapid increase in input costs and the pass-through to inflation will surely follow. “Today’s data provides a lot of relief that manufacturing activity is still on the up. But the heightened volatility in the indicator in the last couple of months still raises questions about whether sentiment has overshot somewhat and, rather than this pace of expansion being sustained, some moderation is likely in the coming months.” |
