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Manufacturing rebounds 

May 04 2010

Output in manufacturing has hit a 15-year high, according to industry figures. 

The sector grew to 58 points in April, the highest since September 1994 and up from 57.3 points in March, according to an index from the Chartered Institute of Purchasing & Supply (CIPS).

Rob Dobson, senior economist at research firm Markit, says: ‘Manufacturers reported a flying start to the second quarter, with the weak pound boosting export growth. The data points to manufacturing output growing by as much as 2 per cent in the latest three months, suggesting that the sector will provide a strong contribution to second quarter GDP figures.’  

David Noble, CEO at CIPS, says: ‘The real turning point will come when manufacturers feel confident enough to increase their investment and start to build capacity again. The good news is there are already signs this is starting to happen as employment levels are slowly rising for the first time in over a decade.’ 

The Engineering Employers Federation reported an increase in confidence among manufacturers as demand for goods continues to rise.

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