Posts Tagged ‘ its best level since February 2011. More precisely ’

UK factories booming again

UK factories booming again.

UK Chancellor George Osborne seriously hopes that factory growth will help rebalance the economy – after it was announced that manufacturing output in the UK grew at its strongest pace for nearly two decades in August.

The Markit/CIPS purchasing managers’ index findings show that factories in the UK are ‘booming again’ as the manufacturing sector is indeed recovering, with activating rising to 57.2, its best level since February 2011.

More precisely, output rose at the fastest pace since July 1994, while new orders increased at their strongest pace since August 1994.

Senior Economist Rob Dobson explained that rising demand from domestic customers was being accompanied by a return to growth of the Euro-zone, Britain’s largest trading partner.

The improvement in the sector adds weight to evidence that the speed of economic recovery is increasing, with GDP for the second quarter of the year measured at 0.7%. In fact, jobs in the UK increased for the fourth consecutive month.

“We’re seeing a consistent and positive trend across UK manufacturing and today’s data reinforces the view that the sector is back on the road to recovery”, another Economist added.

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