CBI
Manufacturers have seen a significant rise in production levels in the three months to August, alongside markedly improved order books, according to the latest CBI monthly Industrial Trends Survey.
While firms have seen their positive expectations met on output, they anticipate an even greater upturn in the coming three months, the highest expected output figure since March 2011.
The survey of over 400 manufacturers found that total orders and export order books also rose sharply, with total orders at their highest since August 2011.
Output volumes rose across a significant number of sectors, with twelve of the sixteen sub-sectors reporting increases, and strong growth reported within some of the smaller sectors.
Nonetheless, output prices are expected to remain flat over the next three months - the most subdued expectation since July 2012. Stock adequacy was broadly in line with its long-run average.
Stephen Gifford, CBI Director of Economics, said: “Manufacturers have seen a real upturn in fortunes this quarter, as output grew at its fastest pace for two years.
“Domestic and export orders have rebounded almost across the board, and manufacturers expect this strength to continue during the next three months.
“UK manufacturers seem to be experiencing a build-up in momentum, but risks in the global economy still mean that it won’t be plain-sailing for some time to come.”