According to the latest quarterly Outlook report from the Manufacturers’ Alliance for Productivity and Innovation (MAPI), US manufacturing production will increase by 3.4% in 2014, out-performing the broader US economy (the forecast issued in June was for growth of 3.2%).

MAPI predicts that manufacturing production will grow by 4.0% in 2015 and by 3.6% in 2016.

MAPI Foundation chief economist Daniel J Meckstroth, said: “The proximate cause for faster industrial growth is that demand has shifted towards manufactured goods.

“The rebound in ‘big-ticket’ consumer spending is supported by employment gains, households’ low debt burdens and rising consumer wealth.”