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.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...