What's going on?

According to an influential economic survey released on Friday, Britain�s manufacturing industry grew at one of its fastest paces in years � and a weak pound likely helped.

What does this mean?

Demand from abroad for British manufactured goods (a.k.a. British exports) grew at close to its fastest rate since the survey began in 1996. Companies say that the weaker pound � which has sold off sharply since the Brexit vote last year � is helping them boost sales to mainland Europe, the US and elsewhere (British goods become cheaper for those buying in other currencies). More sales of manufactured goods fed through to more manufacturing jobs: job creation jumped at the quickest rate in three years.

Why should I care?

The bigger picture: Manufacturing around the world is on a roll.

The survey done in Britain was also completed in various countries around the world, and the results were encouraging: manufacturing globally is expanding at its fastest rate in more than six years! This is partly because manufacturing hit significant doldrums from, roughly, 2014 to 2016 � and now it�s picking up that slack. But it is a positive for the global economy that manufacturing is rebounding with such momentum.


For you personally: Unfortunately, you�re unlikely to be benefiting much from the upswing in manufacturing.

Manufacturing makes up only 10% of Britain�s economy, significantly less than in most other countries (in Germany, for example, it�s 23%). Most Brits work in �services� businesses, like accounting firms, technology companies or restaurants. The good news for everyone is that successful manufacturing firms do things like employ more accountants, and their workers will spend more at restaurants. In short, other parts of the economy also benefit when manufacturers do well. But a stronger manufacturing sector might not be enough to make up for the wider economy which, in the first half of the year, grew at its slowest pace since 2012.