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Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Economic Fundamentals UK Economic UK economic latest: Manufacturing data in decade long high

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UK economic latest: Manufacturing data in decade long high PDF Print E-mail
UK Economic
Written by Will Peters   
Monday, 01 February 2010 11:38

UK manufacturing activity increased in January at the fastest pace in 15 years and house prices rose, adding to evidence that the recovery is gathering pace.

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Signs that the UK economy is recovering was firmly backed today after PMI data showed UK manufacturing activity increased in January at the fastest pace in 15 years.

The PMI, based on a survey of manufacturers, jumped to 56.7 - the highest reading since 1994, from 54.6 in December.

The PMI data is compiled and presented by the Chartered Institute of Purchasing and Supply and Markit Economics.

Adding to the PMI data is news that house prices climbed for a sixth month as a shortage of homes for sale supported property values, Hometrack Ltd said.

Along with data over the past week showing a pickup in consumer confidence, the numbers give the Bank of England’s Monetary Policy Committee room this week to pause emergency bond purchases after buying 200 billion pounds ($318 billion) so far. They also may indicate the economy is strengthening as an election approaches after barely growing in the fourth quarter.

“Most of the recent data points to quite a strong rebound and are supportive to pausing the process of quantitative easing,” Peter Dixon, an economist at Commerzbank AG in London, told Bloomberg.

“Stronger-than-expected numbers add support to the view that now is not the time to further stimulate activity.”

Economists had predicted a figure of 53.9 for today’s CIPS manufacturing index, the median of 25 forecasts in a Bloomberg News survey showed. Readings above 50 indicate expansion.

New orders increased at the strongest pace in six years, helped by stronger domestic and export demand, Markit said. The pound has lost about a quarter of its value against a trade- weighted basket of currencies over the past three years, making British goods cheaper abroad.
Last Updated ( Monday, 01 February 2010 11:40 )