May 18, 2010
Activity at British factories has soared to a 15-year high, boosting hopes that the economic recovery is gathering speed.
Manufacturers said that export orders reached record levels last month as sterling’s weakness and reviving economies overseas helped to boost orders from China, Europe, the United States and the Middle East.
Employment growth in the sector also surged to the highest level in more than three years, according to the Purchasing Managers’ Index index produced by the Chartered Institute of Purchasing and Supply and Markit. The headline PMI reading of factory activity rose to 58 in April, up from 57.3 in March. Any figure over 50 indicates rising activity.
Rob Dobson, senior economist at Markit, said: “Manufacturers reported a flying start to the second quarter. The feeding through of rapid output growth to job creation is particularly good news.”
Source: The Times