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Morgan Rushworth PBXS CNC 3100/120 Press Brake
120-ton capacity, 
3,100mm bending length, 
260mm stroke, 
4,767hrs 
(2021)
120-ton capacity, 3,100mm bending length, 260mm stroke, 4,767hrs (2021)...

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Manufacturing output expectations strongest since 2022

Posted on 26 Jul 2024. Edited by: John Hunter. Read 726 times.
Manufacturing output expectations strongest since 2022Optimism among manufacturers fell slightly in July, after rising in April for the first time in nearly three years, according to the CBI’s latest quarterly Industrial Trends Survey. Output volumes were broadly unchanged in the quarter to July, following a similar result in the three months to June, and under-performed expectations for modest growth. However, manufacturers continue to expect output to increase over the next three months, with growth expectations the strongest since March 2022.

Total new orders fell in the quarter to July but are expected to be broadly stable over the next three months. Inventory building is expected to provide some support to output in the months ahead. Stocks of work in progress are expected to rise at the fastest pace in over two years, with stocks of raw materials and finished goods also set to increase.

Average cost growth accelerated compared with April and remained elevated compared to historical norms. Cost growth is expected to slow in the quarter to October, while remaining historically strong. Domestic and export price inflation also accelerated but are both expected to slow in the next three months. Meanwhile, manufacturers expect to raise their headcount in the next three months (and at the fastest pace for a year), and investment intentions for the year ahead have generally improved.

Ben Jones, CBI lead economist, said: “Sentiment among manufacturers has cooled a little over the past few months, as output growth consistently under-performed expectations. But the near-term outlook for the sector remains positive amid an ongoing recovery in the wider UK economy.

“Manufacturers appear confident that output growth will pick up in the quarter ahead, with expectations the strongest in over two years. Firms are looking to increase stock levels to meet expected demand. And the share of manufacturers working below capacity has fallen sharply over the last quarter, feeding through to a more positive outlook for both hiring and investment.

“Last week’s Kings Speech, with welcome measures to reform planning and speed up approvals for major infrastructure projects, has the potential to give businesses the confidence they need to grow, invest and drive economic growth. And as the economy picks up steam, firms will want to see a relentless focus on delivery from the new government, to turn proposed measures into swift and bold action.”