Manufacturers ride out Brexit with jump in output

Manufacturing output hit its highest level for more than two years. Picture: John Devlin

Manufacturing output hit its highest level for more than two years. Picture: John Devlin

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Britain’s manufacturers brushed off the Brexit vote to put a spring in their step last month, with output hitting its highest level for more than two years.

The latest Markit/Cips purchasing managers’ index (PMI) – where a reading above 50 indicates growth – reached 55.4 in September, up from 53.4 in August.

It was the best output performance since June 2014, and a significant improvement since the index fell to 48.3 in July, the first month after Britain voted to leave the European Union.

READ MORE: Economic growth upgraded as services defy Brexit fears

Rob Dobson, senior economist at IHS Markit, said: “The rebound over the past two months has been encouragingly strong, and puts the sector on course to provide a further positive contribution to GDP in the third quarter (to end-September).”

The survey said exports were helped by the fall in the value of the pound against the dollar and euro in the wake of the Brexit vote.

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