Companies benefited most from the continued strength of the domestic market. There was also a solid increase in new export business as well. Overseas demand improved due to a combination of the historically weak sterling exchange rate and manufacturers’ efforts to promote and launch new products in foreign markets. The level of incoming new export orders rose for the thirteenth month in a row, with the rate of growth broadly in line with the average for that sequence.
UK Manufacturing PMI fell to 56.7
The UK manufacturing sector remained resilient in May, sustaining most of the growth momentum gained during the prior survey month. At 56.7, the seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index® (PMI® ) was only slightly below April’s three-year high of 57.3 and signalled an improvement in operating conditions for the tenth successive month. Manufacturing production and new orders both expanded at above survey average rates.
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