The latest survey snapshot of the manufacturing sector showed an unexpected pick-up in July, powered by exceptionally strong exports.
The Purchasing Managers’ Index rose to 55.1 in the month, higher than the 54.3 recorded in June and better than the 54.4 pencilled in by City of London analysts according to the Independent.
Any reading above 50 signals growth and the long-run average is 51.6.
The data helped lift the pound 0.16 per cent on the day to $1.3232.
IHS/Markit, which compiles the survey, said foreign demand for UK manufacturers’ output rose at the second-strongest rate in the history of the series.
Respondents reported inflows of work from North America, Europe, Asia and the Middle East.
(Source used: Independent)
(Image used from: Independent)
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