UK Manufacturing Rises in May

Britain’s manufacturers enjoyed a stronger than expected rebound in business last month, fuelling hopes that the sector will boost overall economic growth this quarter.

Manufacturing activity grew at its fastest for more than a year as new orders and output both picked up pace, according to the closely watched Markit/CIPS UK manufacturing PMI survey. Sister surveys in the eurozone showed the manufacturing picture there brightened markedly too, although the sector remained in decline.

The UK report’s headline activity index rose to 51.3 in May from an upwardly revised 50.2 in April. That was well ahead of the 50 mark that separates growth from contraction and easily beat forecasts for 50.2 in a Reuters poll of economists. It was the highest reading since March 2012.

Rob Dobson, senior economist at survey compilers Markit, said that a “brightening” domestic market boosted the sector.

via The Guardian

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.