UK Manufacturing Grew Faster than Expected in February

March 3, 2014 Share Print 0

UK manufacturing grew faster than expected in February, with employment in the sector expanding at its fastest pace in almost three years.

The Markit/CIPS Manufacturing Purchasing Managers’ Index (PMI) ticked up to 56.9 from 56.6 in January, higher than the 56.5 expected by economists. A figure above 50 indicates expansion.

It is the eleventh consecutive month that UK manufacturing has expanded.

Jobs growth in the sector rose at its fastest rate since May 2011.

Rob Dobson, senior economist at Markit, said the sharp rise in job creation should also support the broader economic recovery.

“The survey suggests we should expect another quarter of robust economic growth in the opening quarter of the year,” he added.

via BBC

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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.