Home Business NewsBusiness UK factory PMI hits record high as new orders rise

UK factory PMI hits record high as new orders rise

by LLB Editor
1st Jun 21 11:10 am

A surge of new orders has helped Britain’s factory sector to post a record increase in activity last month, as the easing of lockdown restrictions boosted demand.

The UK Manufacturing PMI jumped to 65.6 in May, up from 60.9 in April, and the highest since the survey began in 1992 (any reading over 50 shows growth).

IHS Markit, which compiles the survey, reports that conditions in the manufacturing sector improved at an unprecedented rate in May. Output growth strengthened, and new orders rose at the quickest pace on record.

Markit says: “Companies linked new order growth to rising business confidence, the further re-opening of the UK economy and reduced issues relating to COVID-19.”

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