More evidence of a broad recovery in the UK economy came yesterday with new data showing manufacturing growing strongly during May.
More evidence of a broad recovery in the UK economy came yesterday with new data showing manufacturing growing strongly during May.
More evidence of a broad recovery in the UK economy came yesterday with new data showing manufacturing growing strongly during May.
The Markit and CIPS purchasing managers index (PMI), a closely-watched indicator for the industry, registered a reading of 57 last month. Anything above 50 denotes growth – the higher the number the faster the rate of expansion.
Growth in manufacturing had been slowing since November, down from 58.1 to 55.8 in April, but the May figures shows that momentum is returning.
“May saw the UK manufacturing sector maintain one of its brightest spells of output and new order growth in the 22-year survey history,” read the report.
“As manufacturers ramped up production to meet strong inflows of new work from both domestic and export markets, the benefits were also shared with the wider economy through solid job creation and rising levels of input purchasing.”
Rob Dobson, senior economist at Markit, added: “The upturn remains broad - based by sector and is being enjoyed by SMEs and large - scale producers alike. A sharp re - acceleration in demand for goods such as plant and machinery also points to ongoing growth of business investment.”
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