A recent Markit PMI survey reveals that the industrial sector continues to drive global economy

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28th July 2017 11:32 - Industrial

A recent Markit PMI survey reveals that the industrial sector continues to drive global economy: The latest Markit PMI report explains that the industrial sector is continuing to boost the global economy, ranking second amongst other broad sectors including: technology, telecommunication services, financials, basic materials, healthcare and consumer services.A recent Markit PMI survey reveals that the industrial sector continues to drive global economy

Currently holding the top spot is technology, yet the industrial sector is still deemed as the fastest industry; accelerating its sales for the past three consecutive months.

With regards to the UK economy, the Office for National Statistics also reported that industrial production grew 0.2% in April, despite the inflation in the price of raw materials. However, oil, machinery and cars were reportedly sectors that had fallen with regards to exporting goods.

Nonetheless, this doesn’t seem to be effecting the UK industrial market as the latest CBI report, posted this week, revealed that the British manufacturing industry is seeing a demand for its services’.

Whilst all of the 17 individual sectors included within the wider manufacturing industry have contributed to the UK’s growth in sales, expansion was particularly strong across food, drink, tobacco and chemicals. It was also reported that mechanical engineering and chemical sectors were falling behind, however they are predicted to be better over the next upcoming months.

Just over a quarter of manufacturers have seen an up rise in their order logs and a quarter of firms say that they have seen a rise in their export order logs over the previous three months.

CBI Chief Economist, Rain Newton-Smith, continues to mention that: Total and export order books are at highs not seen for decades, and output growth remains robust. Nevertheless, with cost pressures remaining elevated it’s no surprise to see that manufacturers continue to have high expectations for the prices they plan to charge.”

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