UK Manufacturing PMI Jumps to Two and a Half Year High

British manufacturing growth climbed to a two-and-a-half-year high last month, fuelled by new orders from both home and abroad and adding to signs the economy ended 2016 strongly, a survey showed on Tuesday.

The Markit/CIPS UK Manufacturing Purchasing Managers Index (PMI) rose to 56.1, the strongest reading since June 2014, from 53.6 in November. That exceeded all forecasts in a Reuters poll, which pointed to a decline to 53.1.

Britain’s economy has fared much better than many economists predicted in the aftermath of June’s vote to leave the European Union, with consumer spending strong and companies continuing to perform well.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.