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UK Sees Surprising Spike in Manufacturing Activity in April

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British manufacturing growth surged to a three-year high in April, adding to signs that factories are enjoying at least a temporary boost ahead of Brexit from the weak pound, a survey showed on Tuesday.

The Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) rose to 57.3 from 54.2 in March, exceeding all forecasts in a Reuters poll of economists which had pointed to a slight decline to 54.0.

The figures may be a small boon for Prime Minister Theresa May ahead of the June 8 national election, after official data last week showed the economy slowed sharply in the first three months of the year as inflation hurt consumers.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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