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Britain's manufacturing sector growth quickens pace

Xinhua, May 2, 2017 Adjust font size:

Growth in the UK's manufacturing sector picked up pace in April, according to data released on Tuesday.

The Purchasing Managers' Index (PMI) rose to 57.3 in April from 54.2 in March (above 50 indicates growth), well above the consensus, 54.0, according to Markit/CIPS. March's figure was a four-month low.

The output balance rose further still, to 58.4 from 53.5 in March, taking it close to the levels seen at the beginning of the year. Stock of purchases is also rising, and at a record rate.

This is the ninth straight month of expansion for the manufacturing PMI, and it only dipped below expansion in July last year, the month after the shock Brexit referendum result.

UK manufacturing output was driven higher by the strongest inflows of new work since January 2014, with the domestic market remaining the principal source of new contract wins.

There were also reports of a solid increase in new export business, reflecting a combination of stronger global market conditions and the historically weak sterling exchange rate.

The exchange rate also continued to have a negative impact on cost pressures, sterling having lost ground against major currencies in the wake of the Brexit referendum. The rate of purchase price inflation remained elevated and above the long-run survey average, despite easing to a nine- month low. Enditem