U.K. Manufacturing Growth Picks Up in ‘Unconvincing’ Rebound
- Factory PMI index rises in May, defying predictions for a drop
- IHS Markit says the figure masks several areas of concern
This article is for subscribers only.
U.K. manufacturing growth unexpectedly quickened in May as firms worked through backlogs and built up their inventories.
IHS Markit’s Purchasing Managers Index for the industry rose to 54.4 in May, up from 53.9 in April and beating economists’ estimates for a drop. Still, Markit noted the rebound “masked several areas of potential concern,” with companies seeing the largest rise in unsold stock in the survey’s history and the expansion of new work slowing.