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Manufacturing output hits 16-year high

Manufacturing output increased to its highest level since October 1994, according to the latest CIPS/Markit Purchasing Managers' Index (PMI).

The headline Manufacturing PMI - calculated from data on new orders, production, employment, supplier performance and stocks of purchases - rose to 57.2 in March, the highest level since 1994.

Output rose for the tenth month in succession in March, exports rose for the seventh month and new orders for the ninth consecutive month.

"To see such a fast paced recovery in the manufacturing sector is hugely encouraging. Exports are clearly a main driver of growth but we are also seeing recovery across the whole sector," said David Noble, chief executive officer at the CIPS.

"Expansions were also reported across all business sizes suggesting that this is as much a balanced as it is a resilient recovery."

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Post Date: April 1st, 2010