UK manufacturing sector grew at its fastest rate for three years in April


Good news?

The UK’s manufacturing sector managed to grow at its fastest rate for three years in April, this is according to a new survey.

The Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) climbed to 57.3 from 54.2 in March.

This reading was well above economists’ predictions, any number above 50 indicates growth.

Markit said the sector enjoyed “solid improvement” last month.

The main source of new work came from the domestic market, there was also a “solid increase in new export business”, this came about due to better global economic conditions as well as the weakening of the pound.

Rob Dobson, senior economist at INS Markit, said: “Although only accounting for ten per cent of the economy, the upturn in the manufacturing sector represents some welcome good news after the sharp slowing in GDP seen in the first quarter,” 

“The big question is whether this growth spurt can be maintained, especially given the backdrop of ongoing market volatility and a number of political headwinds such as elections at home and abroad.

“Other surges seen since the middle of last year have generally proved short-lived, as weak wage growth sapped consumer spending.”