IHS Market/CIPS PMI reached 60.9 in April
UK manufacturing grew at its fastest in April in nearly 27 years as the economy continues to recover from the coronavirus pandemic.
The IHS Market/CIPS PMI reached 60.9 last month, but levels above 50 represent expansion.
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This figure rose significantly from the 58.9 level seen in March, the highest in July 1994 when the UK PMI was 61 years old.
The positive results prevail this week’s forecast for the Bank of England’s upgraded growth forecast.
UK Prime Minister Rishi Snack has argued that the UK is well positioned for a strong recovery as people staying at work throughout the pandemic save savings on billions of pounds agenda.
The manufacturers interviewed as part of the survey said production volumes were rising due to relaxation of restrictions, increased demand and increased work backlogs.
The UK manufacturing sector has grown for the 11th consecutive month.
“We’ve been working hard to get the better of our customers,” said Rob Dobson, director of IHS Markit.
“As output and new orders grow at an increase rate, the headline PMI has risen to a high of nearly 27 years. The sector’s outlook is also increasingly positive, with two-thirds of manufacturers producing in a year’s time I expect the volume to be higher.”
“However, export growth remains relatively restrained as small manufacturers struggle to export.”
The survey also found evidence that inflation is rising as average selling prices have risen at the fastest rate since the survey began in 1999.
