EEF comment on PMI data

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Commenting on today’s PMI data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“The survey points to everything coming up roses for manufacturing in the closing months of the year, with robust increases in production levels and solid growth in new orders from both UK customers and overseas. With the European manufacturing PMIs showing levels of expansion at multi-year highs, the benefits for UK exporters are clearly evident, whilst the rebound in manufacturing investment globally is driving activity growth across capital goods manufacturers in the UK.

“The recent trends of manufacturing output growth outpacing that in the wider economy looks set to continue, for the next quarter at least. Monetary policy makers will be keeping a close eye on the pass through of price increases now emanating from rising commodity prices, and how that shapes the medium term inflation outlook.”

EEF will be publishing its Q4 Manufacturing Outlook Survey and Economic Forecasts embargoed for Monday 4 December.

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