A new report reveals that the manufacturing industry has seen the worse of the economic downturn and is now showing signs of recovery, with companies considering hiring skilled workers again.
According to a fourth-quarter study conducted by the Engineering Employers’ Federation (EEF) and BDO LLP, the worst of the recession is behind and the weak pound and recovering world markets are beginning to have a positive impact.
One particular area of improvement is new orders, especially overseas where the balance on export orders has improved from minus 44 per cent to minus five per cent in the past six months.
According to the EEF, manufacturing output will have contracted by 10.4 per cent in 2009 but should grow by 0.9 per cent in 2010.
The report follows recent comments by Kevin Green, chief executive of the Recruitment and Employment Confederation, who said that improvement in the manufacturing industry will see companies take on more skilled workers.
Author: Chris Slay
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