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Bloomberg
UK manufacturing growth unexpectedly picked up in September, rounding off the third quarter on an upbeat note.
IHS Markit’s Purchasing Managers Index rose to 53.8 from a revised 53 in August and beating estimates for a drop to 52.5. Growth in output and new orders accelerated, while exports saw a modest recovery after a slump the previous month.
“September saw a mild improvement,†said Rob Dobson, a director at IHS Market.
Still, “the latest survey is consistent with output expanding at only a moderate pace.â€
The report showed that business optimism improved, although some firms noted that Brexit and exchange rate movements were making their forecasts less certain.
In an early sign of that interest rate increase on the economy, UK consumer borrowing posted its weakest growth in three years in August, following years of rapid expansion fuelled by a rapid buildup of debt.