UK Manufacturing Rises in May

Britain’s manufacturers enjoyed a stronger than expected rebound in business last month, fuelling hopes that the sector will boost overall economic growth this quarter.

Manufacturing activity grew at its fastest for more than a year as new orders and output both picked up pace, according to the closely watched Markit/CIPS UK manufacturing PMI survey. Sister surveys in the eurozone showed the manufacturing picture there brightened markedly too, although the sector remained in decline.

The UK report’s headline activity index rose to 51.3 in May from an upwardly revised 50.2 in April. That was well ahead of the 50 mark that separates growth from contraction and easily beat forecasts for 50.2 in a Reuters poll of economists. It was the highest reading since March 2012.

Rob Dobson, senior economist at survey compilers Markit, said that a “brightening” domestic market boosted the sector.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza