Strongest rise in UK manufacturers orders in August since 1994
<Reuters.com – 02/09/13
New orders and output rose at their fastest rate since 1994, as British manufacturers experienced another month of accelerated growth in August. The Market/CIPS manufacturing Purchasing Managers’ Index (PMI) showed a jump from 54.8 in July to 57.2 last month, the fifth consecutive month of expansion the survey showed. This reading surpassed even the most optimistic forecasts in a Reuters poll of economists. The subindex for new orders jumped to 61.8 in August from 58.6 in July, mainly as a result of increased domestic demand.
The British central bank is due to hold their September meeting this week and is likely to welcome signs that the British economy’s recovery is broadening. According to the senior economist at Markit, Rob Dobson “the UK’s factories are booming again”, also stating that survey suggested that British GDP has the potential to grow more than 1% between July and September. Read More