The UK’s manufacturing sector continued its rebound in the wake of the coronavirus pandemic in July, with new orders growing at the fastest pace since late 2018.
The sector’s purchasing manager’s index (PMI) reading climbed to 53.3 last month, up from 50.1 in June and far above the record low of 32.6 seen in April.
PMIs are an indicator of private sector activity and are given on a scale of 1 to 100. Anything above 50 signals growth, while anything below means contraction.
The figure is nonetheless below that of an earlier flash estimate of 53.6.
“The UK manufacturing sector started the third quarter on a much firmer footing, with output growth hitting
a near three-year high and new orders rising for the first time in five months,” said Rob Dobson, a director at IHS Markit.
“The recovery strengthened as a loosening of lockdown restrictions allowed manufacturers to restart or raise production. July also saw signs of furloughed employees returning to work and customers resuming spending,” he said.
“Business optimism also rose to its highest for over two years as companies grew more hopeful that the future has brightened.”
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