Week 49 in Manufacturing News
Key indicators hint the supply-chain crisis is over and inflation will cool off soon; UK manufacturing SMEs call on government for better funding access; CBI cuts UK economic growth forecasts on supply chain hit; German exports shoot up 4.1% in October.
Key Indicators Hint the Supply-Chain Crisis is Over and Inflation Will Cool Off Soon
Data suggests the worst of the supply mess is over, and that the gap between supply and demand is starting to close. New sales at US manufacturers grew at the slowest pace in 11 months in November, IHS Markit said Wednesday. Production, meanwhile, accelerated from October’s pace. The Institute for Supply Management’s Chicago Business Barometer showed inventories soaring to their highest levels since 2018 in November.
Source: Business Insider.
UK Manufacturing SMEs Call on Government for Better Funding Access
New research published by Make UK showed that if the 75% of Britain’s smaller businesses with lower productivity upped their game to the output of top 25%, UK GDP could see a boost of £270 billion. Some two thirds of SME manufacturers grow by re-investing past profits due to a lack of access to funds. But 31% say they would prioritise investment in developing products and expanding capacity.
Source: PES media.
CBI Cuts UK Economic Growth Forecasts on Supply Chain Hit
The Confederation of British Industry cut its forecasts for economic growth to 6.9% in 2021 and 5.1% in 2022 from previous estimates of 8.2% and 6.1%. It said the downgrade mostly reflected weaker growth since its last forecasts in June and the supply chain problems that have slowed the recovery from last year’s coronavirus slump were likely to end in mid-2022.
German Exports Shoot up 4.1% in October
German exports grew at their strongest pace in more than a year in October despite persistent supply bottlenecks in manufacturing, data showed on Thursday. Seasonally adjusted exports increased by 4.1% on the month after falling in August and September, the Federal Statistics Office said.