Manufacturing jobs growth hits fastest for 3 years
Monday 03 March 2014
A manufacturing “mini-renaissance” is driving the sharpest rate of job creation in the sector for almost three years, the Chartered Institute of Purchasing & Supply said today.
Its latest snapshot of manufacturing fortunes showed the pace of overall growth accelerating last month with firms adding staff to meet rising workloads at the fastest rate since May 2011.
Cips’ purchasing managers index, where a score over 50 indicates growth, rose from 56.6 to 56.9 in February, driven by a strengthening domestic market as well as an encouraging increase in new product launches and investment in new machinery.
Rob Dobson at survey compiler Markit said: “This mini-renaissance in manufacturing is also driving the sharpest job creation since the middle of 2011, which will support the broader economic recovery.”
Manufacturers managed to grow at a faster pace despite the pressure of a rising pound dampening growth in export orders.
But speculation over interest rate rises has mounted with better economic news, prompting Bank of England rate-setters to stress that market expectations of an interest rate rise in the spring of next year are “reasonable”.
Cips chief executive David Noble said British manufacturers had been “remarkably resilient”. He added: “Overseas demand, despite remaining elevated, lost some of its impetus, with exchange rate fluctuations playing a part.”
Signs of a jobs recovery in manufacturing increase the chances of the Bank hitting its 7 per cent threshold for considering interest rate rises.
It broadened the focus of its forward guidance policy towards a wider assessment of spare capacity as it tries to gauge when the recovery will feed into inflation.
But recent data has showed signs of a long hoped-for rebalancing as business investment and exports boosted the wider economy in the fourth quarter.
World Beard and Moustache Championships held last week
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Number of global billionaires has doubled since the financial crisis
- 3 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 4 Of course, teenage girls need role models – but not like beauty vlogger Zoella
- 5 North Korean officials 'publicly executed for watching South Korean soap operas'
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Number of global billionaires has doubled since the financial crisis
Elizabeth Norment dead: House of Cards actress honoured by Kevin Spacey after she dies aged 61
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Nigel Farage and Frankie Boyle clash over Andrew Lawrence's 'Mock the Week' criticism
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...