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Manufacturing: Key Economic Indicators

Published Thursday, February 1, 2018

Manufacturing: Data on manufacturing jobs, output and producer confidence.

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Manufacturing is one of the production industries, which also include mining, electricity, water & waste management and oil & gas extraction.

In 2017, the manufacturing sector accounted for 10% of total UK economic output (Gross Value Added).  In September 2017 it accounted for 8% of jobs.

Manufacturing Output

 Total manufacturing output was up 1.3% in the 3 months to December 2017 compared with the 3 months to August 2017. The rise in manufacturing in the three months to December 2017 was due to broad-based strength within the sector: 9 of the 13 sub-sectors experienced growth over this period.

Purchasing Managers’ Index (PMI)

The Markit/CIPS UK Manufacturing PMI is an important indicator of confidence in the sector.

In January 2018 the UK Manufacturing PMI was 55.3, continuing down from November’s 51-month high of 58.2. This was the seventh consecutive month where the index has been greater than 55, and the average for Q4 2017 was the highest since Q2 2014.

(A figure above 50 indicates that output is increasing).

 

Commons Briefing papers SN05206

Author: Gloria Tyler

Topics: Economic situation, Manufacturing industries

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