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Manufacturing surprises with fastest growth for 16 months

Equipment - Manufacturers saw the fastest growth in 16 months - SantanderCB

The latest Markit/CIPS UK purchasing managers' index has revealed that manufacturers saw the fastest growth in production for 16 months, with the activity index rising to 55.5 points in October from 51.8 in September. The consensus forecast in a poll of economies was for an index of 51.3. Export and domestic orders picked up in all parts of the industry, and there was improved demand from the Middle East, east Asia and the US. Manufacturing employment rose for the 30th successive month. Markit said the survey is 'consistent with a quarterly rate of growth of around 1%'. However, with details suggesting the upturn was mainly confined to the largest manufacturers, most economists were cautious about calling a recovery just yet. A separate survey by the British Chambers of Commerce suggested a slump in export growth and confidence among UK exporters.

 

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