Due to an unprecedented level of growth within UK manufacture during April, the pound has hit heights that have not been observed for almost five years.
At one point over the last month, the pound was worth the value of $1.6921, and even when compared to the Euro it was seen to rise by 0.1% to be the equivalent of 1.2184 Euros. In terms of PMI figures, any expansion over 50 indicates a strong level of growth, and, according to the BBC, the expected figure for April was around 55.4. However, the reality smashed this forecast by registering a PMI figure of 57.3, and it is this exceptional growth that has propelled the pound sterling back up to this elevated position.
The PMI figure is the largest seen for a full 5 months, and further cements the manufacturing sector's positive 2014 thus far. Apparently, manufacturers are now being responsible for the creation of approximately 10,000 new jobs every month, and this is undoubtedly a significant contributor that has helped employment to rise consistently for a full year. Although manufacturing only represents a 10th of the UKs total economic split, for a single industry this is a noteworthy figure. The second quarter of 2014 has also begun in a similarly optimistic vein, and increased manufacturing export orders, along with reduced purchase prices, are leading many to expect even more positive months to come.
It is no coincidence that manufacturing and industry have begun to register robust growth results at the same time as the economy has stabilised, as the UK's economy has always depended on manufacture in a very real way. As prominent spring manufacturers in the UK, we are well aware of the vital role that manufacture plays, and we're already looking forward to the benefits of the stronger economic situation ourselves. We've recently been able to expand into our brand new premises as a direct result of our success, and feel privileged that our services have been in demand even during the recession. However, we're still casting our eyes ahead to the future, and hope that the strong performance of the manufacturing sector as a whole will allow us to grow even further.
At European Springs, our manufacturing activity naturally centres upon the creation of high quality springs and pressings, and if you're in the market for such components you'll find no better supplier. If you'd like any more information, please be sure to give us a call on +44 (0) 208 663 1800 or email us at email@example.com.