UK manufacturing recovery confounds experts
It would appear that far from slowing down, Britain’s recovery is intensifying. Yesterday’s economic data was remarkably good with British manufacturers on a hiring spree as they enjoy the strongest business conditions for 16 years. The Purchasing Managers Index (PMI) suggested that manufacturing is now growing at its fastest tare since 1994 last month raising hopes that the Britain’s recovery would continue its momentum in the final quarter of the year.
The survey once again shocked many experts with the consensus being that there would be a drop in the PMI, but the figures actually shot up from 54.9 to 58. The details suggest that manufacturing output is surging at a rate of 1.2 per cent per quarter, the best performance for some considerable time.
Economists appear to have been guilty of over pessimism since the recovery began, and over optimism in the dying days of the bubble.
