Deloitte comment on the Markit / CIPS UK Manufacturing PMI
2 November 2015
Commenting on the Markit / CIPS UK Manufacturing PMI* released today, Mark Stephenson, UK manufacturing industry leader at Deloitte, said:
“The noticeable increase in the PMI to 55.5 demonstrates how resilient the UK manufacturing sector has proven to be, despite tough conditions in October.
“Recent GDP data shows that the value of manufactured output is contracting. The strength of the pound relative to the euro is not helping to ease the pressure on margins in the sector’s largest export market. The slowdown in economic growth in China continues to have a dampening effect, both in demand for UK manufactured goods and uncertainty over supply.
“October has seen some additional bad news for manufacturing with the UK steel sector facing a real crisis, with much of the blame placed on cheap imports from China. High costs in this energy intensive sector also make the UK less competitive.
“Yet today’s figures show that the industry has continued to perform through these challenges, highlighting the strength of UK manufacturing. Relentless focus on cost reduction, innovation and talent will help the industry thrive.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.
* The Markit/CIPS UK Manufacturing PMI® is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 600 industrial companies. The panel is stratified geographically and by Standard Industrial Classification (SIC) group, based on the regional, and industry contribution to GDP. See more at: www.markiteconomics.com