Manufacturing figures surprise the market

Published:  04 October, 2011

UK: Despite a two-year low for exports, the Markit/Cips purchasing managers index showed a level of 51.1 in September, up from 49.4 in August. A reading above 50 indicates growth.

The improved performance was in part due to manufacturers catching up with their backlogs. New orders showed a marginal increase. This was the sector's first rise in three months.

However, despite September's improvement, manufacturing is finding things are more difficult now compared to early 2011 and 2010, according to IHS Global Insight's Howard Archer.

These figures, he said, might deter the Bank of England from launching more qantative easing on Thursday.

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