British factories enjoyed a pick-up in activity last month but the flagging global economy took its toll on exporters and the manufacturing sector shed more jobs.
A closely watched measure of manufacturing, the Markit/CIPS Purchasing Managers’ Index, beat economists’ expectations and rose to a three-month high. The headline index hit 52.9 in January, up from 52.1 in December and well above the 50-mark that separates expansion from contraction. Economists had forecast a slowdown and a reading of 51.7, according to a Reuters poll.
“The UK manufacturing sector registered an uptick in its rate of expansion at the start of 2016, shrugging off a number of potential headwinds, ranging from global financial market volatility to localised flooding in the north of the country,” said Rob Dobson, a senior economist at the survey compilers Markit.
The survey of some 600 companies paints a more upbeat picture than official data for last year, which showed manufacturing output stagnated in the final quarter of 2015, leaving Britain’s service sector to drive overall economic growth.
via The Guardian
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019