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East Midlands Chamber News

Manufacturing confounds forecasts for slump

Britain’s manufacturers increased production at the fastest pace in seven months in August, taking on more workers to keep up with strong domestic and international demand.

The closely watched Markit/Cips UK manufacturing PMI barometer of factory sentiment showed activity jumped to 56.9 last month from 55.3 in July, the second-highest level in more than three years, helped by the weak value of the pound.

That confounded forecasts for a modest slowdown to 55.0 in a Reuters poll of economists and was well above the 50 mark that separates growth from contraction, the Guardian reported.