Manufacturers ride out Brexit with jump in output
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The latest Markit/Cips purchasing managers’ index (PMI) – where a reading above 50 indicates growth – reached 55.4 in September, up from 53.4 in August.
It was the best output performance since June 2014, and a significant improvement since the index fell to 48.3 in July, the first month after Britain voted to leave the European Union.
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Hide AdRob Dobson, senior economist at IHS Markit, said: “The rebound over the past two months has been encouragingly strong, and puts the sector on course to provide a further positive contribution to GDP in the third quarter (to end-September).”
The survey said exports were helped by the fall in the value of the pound against the dollar and euro in the wake of the Brexit vote.