The Manufacturing and Service Sector Grows despite Slow Economic Recovery, says the BCC
BCC suggests in its Quarterly Economic Survey that businesses are growing but the the pace of activity is too slow for a sustainable recovery. Director General of the BCC, John Longworth, urged the government to take a bolder approach to boosting economic growth. He recommended measures including the creation of a state-backed business bank, and investment in infrastructure as critical to get the economy growing.
Mr Longworth said: “Growth cannot wait. The government must take an imaginative and brave approach to stimulating the economy and helping businesses thrive.”
The survey found manufacturing home orders has edged up two points, to +8%, the strongest level since the second quarter of 2011. The service employment balance increased six points, to +10%, representing the highest level since the recession began in 2008.
The report indicates a surprising growth over manufacturers’ intentions to invest in training which rose to +18%, the best level for the last four years.
Although, business confidence is still below its 2007 level, manufacturers’ profitability is reported to have increased three points, to +24%, also the strongest level since the last quarter of 2010.
What’s your reaction on the findings by the BCC which suggest the manufacturing and the service industry are growing in times of austerity? If you are working in one of those sectors, share your thoughts by commenting here or raising your voice on our Facebook page.
Posted on July 4, 2012, in Building Construction Industry, Building Engineering Sector, Business, Employment, Government, Infrastructure, Manufacturing, Politics, t4ts, train4tradeskills, Train4TradeSkills News, UK Economy and tagged BCC, British Chambers of Commerce, Business, business confidence, career development, Director-general, Economic growth, Economy of the United Kingdom, Employment, Government, growing economy, infrastructure investment, John Longworth, Manufacturing, new jobs, new report stimulating growth, Quarterly Economic Survey, t4ts news, Tertiary sector of the economy, trade professionals, train4tradeskills, train4tradeskills news, training. Bookmark the permalink. Leave a comment.