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May 29, 2023
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Uncertainty shrouds manufacturing sector outlook, says KPMG Magazine

Stephen Cooper, head of industrial manufacturing at KPMG UK, comments around the IHS Markit/CIPS UK Manufacturing PMI released today. He stated:

“The UK manufacturing sector saw a light improvement in performance in May, which on the face of computer is fantastic news. However, a slowdown in new orders, creeping inflation and supply chain constraints means that business really need to be constantly responsive to the changing conditions; the steepest build-up of finished goods inventories within the 26-years as well as the European PMI suggesting weakening confidence in manufacturing (albeit in positive territory) give a further caution.

“KPMG’s Global CEO Outlook, published today, points to the geopolitical situation like a key concern regarding growth – the uncertainty it gets the kind of trade wars and sanctions as well as continued loss of clarity for trading arrangements under Brexit, have the ability to a principal affect manufacturing which means that businesses can’t be complacent.”

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