August UK PMI Manufacturing Index Strengthens To 4-Month High Of 56.9

Dollar up in Asia with China manufacturing top data bill

Britain's manufacturers saw growth surge in August as new orders from both the US and Europe flooded into the country and supported the sector, according to the latest PMI reading from IHS Markit.

The IHS Markit/CIPS purchasing managers' index for the United Kingdom manufacturing sector jumped to 56.9, a four-month high, in August from an upwardly-revised 55.3 in July, easily exceeding the 55.0 consensus forecast in a poll of economists. A reading above 50 indicates expansion, while a reading below that signals contraction.

New orders rose for the 33rd consecutive month, while strong demand in Asia helped new export business to rise at its fastest pace since May 2010.

To cope, companies stepped up the pace of hiring, which Gill said a current upswing in employment still had "far from run its course".

Size was no barrier to success, either, with growth reported across all sectors and amongst SMEs and large-scale manufacturers alike.

Knife-wielding man shot in Brussels after attacking soldiers
Large numbers of police officers were deployed to the scene, which was cordoned off. "Our security services remain on alert". The Belgian prosecutors have confirmed that a man has been shot after he attacked two soldiers with a knife in Brussels .

China's manufacturing sector has been posting solid growth thanks to domestic infrastructure spending and a recovery in exports.

On the price front, survey showed that input price inflation ticked up for the first time in six months.

The data assumes significance as it comes a day after the government data showed the country's economic growth slipping to a three-year low of 5.7 percent in April-June, primarily due to headwinds from the manufacturing sector. The pick-up in new business was generally more modest than in China, however, suggesting its economic growth may moderate from an eye-popping 4% annualized rate in the second quarter. However, the overall rate of increase remained well below the record high seen at the start of the year.

Higher demand forced firms to raise their staff numbers in August and the rate of job creation was the most marked in over seventeen-and-a-half years.

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