UK Manufacturing Rebounds To 10-month High: Survey

Fahad Shabbir (@FahadShabbir) Published September 01, 2016 | 02:59 PM

LONDON, (APP - UrduPoint / Pakistan Point News -1st Sep,2016) - Britain's manufacturing activity hit a 10-month high in August, rebounding strongly from a slump triggered by the country's vote in favour of exiting the European Union, data showed Thursday. A slump in the pound caused by longer-term Brexit fears lifted export orders last month, according to the closely watched IHS Markit UK Manufacturing purchasing managers' index. The PMI hit 53.3 in August, up from 48.

3 in July which was a 41-month low. Analysts' consensus forecast had been for a reading of 49 in August, just below the 50 mark that indicates growth. "This leaves the index at its highest level since last October and suggests that the UK economy is weathering the Brexit storm remarkably well," said ING bank economist James Knightley. "Nonetheless, the risks of recession have not disappeared," he added, pointing to "surveys still suggesting a significant pullback on hiring and