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16-year high for UK manufacturing

THE UK’s manufacturing sector grew at its fastest rate for 16 years in November, a closely-watched survey suggests.

As reported by the BBC, the purchasing managers’ index (PMI) climbed to 58, compared with a revised rate of 55.4 in October, well ahead of analysts’ expectations.

The figure was boosted by record growth in manufacturing jobs, said data firm Markit, which helps compile the survey.

It said the strong growth was timely given the government’s spending cuts.An index reading above 50 indicates expansion.

The government has stressed the need for exports to play a greater role in future economic growth, particularly in light of its austerity measures that are expected to hit consumer spending.

This was posted in Bdaily's Members' News section by Ruth Mitchell .