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5/4, 10:30 AM (Source: TeleTrader)
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UK manufacturing growth nears record-high in April

The growth in the United Kingdom's manufacturing sector continued to accelerate in April, nearing record levels, IHS Markit reported on Tuesday.

The UK IHS Markit/CIPS Purchasing Managers’ Index (PMI) stood at 60.9 in April, up from 58.9 recorded a month earlier and hitting the highest level since 1994 when it was 61.

"Further loosening of COVID-19 restrictions at home and abroad led to another marked growth spurt at UK factories. The headline PMI rose to a near 27-year high, as output and new orders expanded at increased rates," Rob Dobson, director at IHS Markit, stated. "The outlook for the sector is also increasingly positive, with two-thirds of manufacturers expecting output to be higher in one year’s time. Export growth remains relatively subdued, however, as small manufacturers struggle to export," he added.

Breaking the News / NP