PMI manufacturing statistics – Barclays’ comment

Lee Collinson, Head of Manufacturing at Barclays, said:

“Following on from July’s welcome figures, after the reopening of factories and easing of lockdown restrictions, comes further proof that a recovery is gaining speed in manufacturing.  Driven by improving levels of new orders and customer demand,  August data shows production rising at its fastest level for over six years though we still need to hold our breath given the low point this has come from."

“It will take a lot more growth like this to make up for the ground lost since the pandemic struck.  Manufacturing is already cutting jobs and with the end of government support schemes in sight, cost challenges will continue to pre-occupy and challenge the sector.  For now, manufacturers need to focus on controlling costs and remaining flexible in their planning whilst demonstrating the resilience they have always shown before.”