One more for the gloom and doom recycling bin: the UK’s manufacturing sector surged last month, growing at its fastest level since June 2014.
The Markit/CIPS Purchasing Managers Index (PMI) for the sector rose to 55.4 in September from 53.4 in August, with exports boosted by the fall in sterling. A figure above 50 indicates expansion.
“A serious and very welcome upward surprise”, says Global Insight economist Howard Archer. “It is encouraging to see”, he added, “that there was healthy demand for – and production of – investment goods in September, which lifts hopes that UK businesses are still prepared to invest despite the heightened uncertainties since June’s Brexit vote.”
Employment prospects in the sector are also looking up, but the year ahead will be tricky…
Further details, see Bill’s post today – Move Over Bruce Willis – make way for the Brexit Diehards.