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UK Manufacturing output grows at fastest rate since 2017

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Output in the UK Manufacturing sector grew at its fastest rate since in almost three years after being all but shut down in April.
 
The IHS Markit/Cips UK manufacturing purchasing managers' index (PMI) grew to a 16 month high of 53.3 in July, up 3.2 points from June.
 
Initial estimates were a little higher, at 53.6, but it's still well above the mark of 50 that indicates expansion. The growth came as the government's restrictions on the UK economy continued to lift, causing a rebound in demand.
 
The recovery is being driven by a jump in output which expanded at its quickest pace since November 2017.
 
IHS Markit, the data firm behind the Purchasing Managers Index said it is "a positive start to the recovery" while cautioning that "it will take several months of growth to fully recoup the output lost since the start of the pandemic".
 
New orders have grown for the first time since February as demand grows domestically and confidence levels are at their highest since March.
 
New export business has however dropped for the ninth month a row driven by weak global demand as coronavirus continues to spread around the world.
 
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