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

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.