The figure confirms that the sector is continuing to expand and bettered forecasts, which had called for a more modest increase to 56.8, from February’s reading of 56.6. This improvement in the UK manufacturing sector follows both Germany and the eurozone’s stronger reading in their March PMI readings. All three economies posted their best numbers since the beginning of the recession.
Expansion in the sector comes off the back of a rebound in both consumer demand and export sales.
Commenting, Duncan Higgins, senior analyst at Caxton FX said, “Sterling’s recent weakness is beginning to translate into some positive economic figures. To see this rate of expansion in the manufacturing sector is certainly encouraging for Britain’s economic prospects. The data should help alleviate fears that the economy may have slipped back into negative growth in the first quarter of this year.”