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PMI rises further in October

3 November 2010
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PMI rises further in OctoberThe UK's manufacturing industry saw growth accelerate during October 2010, which was unexpected.

Despite concerns over a possible economic slowdown, the Purchasing Managers' Index (PMI) increased from 53.4 to 54.9 over the month.

The data from Markit and CIPS indicates the manufacturing industry is in good health, with hiring in the sector increasing during October.

In addition, the composite figures reveal expansion of export and new orders have picked up, with overseas business driving growth, something that may affect demand planning activities.

CIPS chief executive David Noble suggested this reliance on exports could lead to a "bumpy" recovery, although production looks set to drive economic growth in the UK over the fourth quarter of 2010.

October's PMI was in contrast to September's index, which fell from 53.7 in August to 53.4, with any figure above 50 indicative of manufacturing growth.

The level of new orders slowed over the month from highs recorded during the summer, while export orders dipped.

It had been suggested that the government's Comprehensive Spending Review and cuts to public spending announced on October 20th could affect confidence in the industry.ADNFCR-3058-ID-800213967-ADNFCR
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