UK Manufacturing PMI climbs to ten-month high in August
Companies reported solid inflows of new work from both domestic and export sources, the latter aided by the sterling exchange rate.
Employment rose for the first time in the year-to-date. At 53.3 in August, the seasonally adjusted Markit/CIPS Purchasing Managers’ Index (PMI ) recovered sharply from the 41-month low of 48.3 posted in July following the EU referendum.
The month-on-month increase in the level of the headline PMI (5.0 points) was the joint-greatest in the near 25-year survey history. The gains in the indices tracking output and new orders were similarly among the steepest on record.
Manufacturing production increased at the fastest pace in seven months during August, an improvement on the contraction registered in the prior month.
All three of the market groups covered by the survey returned to growth, with the strongest expansion registered in the consumer goods sector. ■