U.S. Manufacturing Accelerates; Dollar Rises on Upbeat U.S. Manufacturing Data; UK Factory Output Rebounds After Increase in Demand; What Does The Super Deduction Mean For UK Manufacturers?
U.S. Manufacturing Accelerates
Data firm IHS Markit said its flash U.S. manufacturing PMI increased to 61.5 in the first half of this month. That was the highest reading since October 2009, and followed a final reading of 60.5 in April. Economists polled by Reuters had forecast the index dipping to 60.2 in early May.
A reading above 50 indicates growth in manufacturing, which accounts for 11.9% of the U.S. economy.
UK Factory Output Rebounds After Increase in Demand
Factory output grew this month at the fastest rate since December 2018 to record the first large increase in UK manufacturing production in almost two years.
Chemicals producers, electronic engineering firms and metal factories reported the strongest growth, with output up in 12 of 17 subsectors, according to the CBI’s monthly industrial trends survey.
Source: The Guardian.
What Does The Super Deduction Mean For UK Manufacturers?
As the government increases capital allowances to 130%, Kingsbury managing director Richard Kingsbury explains how it will have a positive impact on investment.
Mr Kingsbury says the initiative will give the UK manufacturing sector the tools it needs to increase investment.
Video: PES Media.