UK Manufacturing Sector Expands At Record Pace

By Rtt News Staff Writer10 days ago

The UK manufacturing sector grew at the fastest pace on record in April underpinned by production and new orders, final data from IHS Markit showed on Tuesday.

The Chartered Institute of Procurement & Supply manufacturing Purchasing Managers' Index rose to 60.9 in April from 58.9 in March and was above the flash estimate of 60.7.

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Output increased for the eleventh straight month in April. The latest increase was attributed to a loosening of lockdown restrictions, improved demand and rising backlogs of work.

Total new orders rose for the third straight month, largely due to a further revival of domestic market conditions.

The degree of confidence among manufacturers was at its highest level in seven years. Optimism reflected expectations for less disruption related to COVID-19 and Brexit, economic recovery, improved client confidence and planned new product launches.

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