By Daniel Hunter
The UK's manufacturing sector enjoyed a strong October with a rise in domestic demand, according to a closely watched survey.
The Markit/CIPS Purchasing Managers' Index (PMI) reported a score of 53.2 in October, up from 51.5 in September.
Any figure above 50 indicates growth in the industry.
There was strong domestic demand which boosted orders, but there was a fall in exports orders for the second consecutive month.
A "near stagnant" economy in the eurozone was to blame for the fall in export orders, Markit said.
"Exports are important to the manufacturing sector, but the majority of output is produced for domestic consumption. In that respect, continued high levels of confidence among UK consumers and plenty of evidence that domestic demand is growing at a robust rate is good news," said Martin Beck, senior economic advisor to accountancy firm EY.
September's index score indicated the slowest growth in the manufacturing sector for 17 months. But Market said that the improvement in October highlighted the resilience within the UK economy.
Chris Towner, managing director of foreign currency specialists HiFX, said: “This morning's data reflected more of the same with the EU manufacturing sector continuing to stagnate with a reading of 50.6 while the UK saw the same sector jump to a reading of 53.2. This has all helped GBP/EUR which is testing yet again above 1.28 having dealt below 1.2400 in the lead up to the Scottish independence vote in September. The outlook also bodes for more of the same as 1.30 is now looming close by.”
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