Manufacturing growth at 30-year high
The IHS Markit/CIPS Manufacturing Purchasing Managers’ Index (PMI) reached a high of 65.6 in May, up from 60.9 in April. The reading, on an index where a figure above 50 indicates growth, is the highest since the survey began in 1992. IHS director Rob Dobson said: “Record growth of new orders and employment supported one of the steepest increases in production volumes in the near 30-year survey history”. He added that the easing of restrictions has boosted growth, with this “being felt across the globe, as highlighted by a record rise in new export business”. While growth increased, the report warns that many suppliers are struggling to keep up with increased demand, with this driving up average delivery times to manufacturers and leading to the highest rise in the cost of supplies since the survey began in 1992. This in turn has seen manufacturers increasing their own prices.