Latest figures show that not only is food and manufacturing the fastest growing UK sector, but it also hired workers at its quickest pace on record.
Last month, food and drink manufacturers recorded the fastest output growth of all sectors for the fourth consecutive month (65.3 vs. 66.1 in September).
The Lloyds UK Sector Tracker also found that firms in the sector hired staff at their fastest pace on record (59.7 in October compared to 50.7 in September) since January 1998 when the Tracker first began.
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Commenting on the findings, Aled Patchett, Head of Consumer at Lloyds, said, “This month’s Tracker reflects the determined optimism of the businesses that we speak to in the sector, as we head into one of the busiest times of the year.
“Branding and positioning are more important than ever as consumers think more actively about the composition of their food and drink spend, and they are increasingly looking for nutrition and convenience.
“Businesses are also keeping a close eye on the possible impact on supply chains caused by recent global weather impacts. The sector sees some challenges ahead, but businesses continue to work hard to navigate their way through them.”
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