The latest PMI continues the positive run of indicators for manufacturing seen so far this year. June's PMI came in at 57.5, up from 57.0 in May. This rounds off a strong second quarter and manufacturing remains on track for strong growth in 2014.
A sixteenth month of growth for manufacturingManufacturing PMI: 50 = no change
To date this year we had seen the domestic market leading the charge, but this month's PMI shows that inflows of new export business strengthened over the month. It is encouraging that new orders from overseas markets are now coming through; we've seen a big focus on new product and service innovation across industry over recent years and this survey provides a bit more evidence that this is paying off, with companies securing new business off the back of it.
There is also positive news on employment growth; official statistics show that workforce jobs in manufacturing have expanded for five consecutive quarters, and today's PMI suggests companies are continuing to expand their workforce. However, this is not without its challenges, and securing the right skills is an increasing concern for some companies.