This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-23127126
The article has changed 3 times. There is an RSS feed of changes available.
Version 1 | Version 2 |
---|---|
UK manufacturing growth at two-year high, PMI survey shows | UK manufacturing growth at two-year high, PMI survey shows |
(1 day later) | |
UK manufacturing saw its strongest growth in two years in June, according to a survey, boosting hopes of a strengthening economic recovery. | UK manufacturing saw its strongest growth in two years in June, according to a survey, boosting hopes of a strengthening economic recovery. |
The Markit/CIPS purchasing managers' index (PMI) rose to 52.5 last month - its highest level since May 2011. | The Markit/CIPS purchasing managers' index (PMI) rose to 52.5 last month - its highest level since May 2011. |
Any reading above 50 indicates growth in the sector. | Any reading above 50 indicates growth in the sector. |
The figure adds to the increasingly positive data released in recent weeks on the UK economy, which grew by 0.3% in the first three months of the year. | The figure adds to the increasingly positive data released in recent weeks on the UK economy, which grew by 0.3% in the first three months of the year. |
Other data suggests the services sector is showing signs of strength, and the construction sector - which has been a drag on growth - is stabilising. | Other data suggests the services sector is showing signs of strength, and the construction sector - which has been a drag on growth - is stabilising. |
Rob Dobson, senior economist at Markit, said he now expected GDP growth in the second quarter of about 0.5%. | Rob Dobson, senior economist at Markit, said he now expected GDP growth in the second quarter of about 0.5%. |
"The near-term outlook for output also remains on the upside," he said. | "The near-term outlook for output also remains on the upside," he said. |
Markit said that manufacturing production levels were reported to have risen at their fastest rate since April 2011, while new business increased at the fastest pace since February 2011. | |
May's PMI reading was also revised up to 51.5 from 51.3. | May's PMI reading was also revised up to 51.5 from 51.3. |
Encouraging trends | Encouraging trends |
There was further positive news on Monday when Bank of England figures showed that mortgage approvals hit a three-and-a-half-year high in May. | There was further positive news on Monday when Bank of England figures showed that mortgage approvals hit a three-and-a-half-year high in May. |
The Bank said 58,242 home loans were approved in May, the highest number since December 2009. | The Bank said 58,242 home loans were approved in May, the highest number since December 2009. |
Analysts said the upbeat data was welcome news for the new governor of the Bank of England, Mark Carney. | Analysts said the upbeat data was welcome news for the new governor of the Bank of England, Mark Carney. |
"As Mark Carney takes up his position these data flow confirm two trends that have been developing in the UK," said David Tinsley, UK economist at BNP Paribas. | "As Mark Carney takes up his position these data flow confirm two trends that have been developing in the UK," said David Tinsley, UK economist at BNP Paribas. |
"First the manufacturing sector looks to be in better shape. Second the housing market is picking up. | "First the manufacturing sector looks to be in better shape. Second the housing market is picking up. |
"For Mr Carney the question is whether the improvement in the activity data is strong enough and whether it will prove enduring." | "For Mr Carney the question is whether the improvement in the activity data is strong enough and whether it will prove enduring." |
One of Mr Carney's first tasks will be to chair this week's meeting of the Bank of England's Monetary Policy Committee. | One of Mr Carney's first tasks will be to chair this week's meeting of the Bank of England's Monetary Policy Committee. |
Although many analysts expect him to push for more stimulus measures, no change to interest rates or the quantitative easing programme is expected this week. | Although many analysts expect him to push for more stimulus measures, no change to interest rates or the quantitative easing programme is expected this week. |