Manufacturing in surprise surge in August after Brexit
The Purchasing Managers’ Index jumped to 53.3, helped by the slump in sterling in wake of referendum vote.
Manufacturing output unexpectedly surged in August according to the latest Purchasing Managers’ Index report from Markit/CIPS, helped by the post-Brexit vote collapse in sterling.
The index – where the 50 mark separates contraction from growth – jumped from 48.2 in July to 53.3 in August.
The monthly surge of 5 points was the joint greatest in the 25 year history of the survey, Markit said.
Export orders from the US, Europe, China and the Middle East rose strongly and the new orders index leapt from 47.8 to 54.6.
Markit reported that the depreciation of sterling since the June EU referendum was "by far the main factor" cited by manufacturers as supporting the surge in...