British Manufacturing Sector Touches 15-year High
British Manufacturing Sector Touches 15-year High

British manufacturing activity is reported to have marked a rise last month at its fastest pace in more than 15 years, triggering hopes that the wider economic recuperation process is grabbing momentum.

The Chartered Institute of Purchasing and Supply/Markit manufacturing PMI - a survey of purchasing managers published on Tuesday - jumped to 58 in April from an upwardly revised 57.3 reported in March.

The figures surpassed the analysts' consensus forecasts of 57.4 in a Reuter's poll, posted to be highest since September 1994. The index has climbed above the 50-benchmark separating growth from contraction since July last year.

The manufacturing survey reflected much of the positive vibe to the sector - which has been severely wounded by the recession.

With the pound still witnessed to be weak compared to other major currencies last month, new export orders marked a climb at the fastest momentum witnessed since records began in 1996.

"The data point to manufacturing output growing by as much as 2% in the latest three months, suggesting the sector will provide a strong contribution to second-quarter gross domestic product", quoted, Rob Dobson, Senior Economist at survey compilers Markit.

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