U.K. manufacturing PMI jumps to record-high 62.0

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U.K. manufacturing PMI jumps to record-high 62.0 (by William L. Watts)

LONDON (MarketWatch) -- British manufacturing activity accelerated at a much faster-than-expected pace in January, data showed Tuesday, with the CIPS/Markit purchasing managers index for the sector rising to a survey-record high of 62.0. A reading of more than 50 indicates growth in activity, while a figure of less than 50 signals contraction. The December reading was revised up to 58.7. Economists had forecast a January reading of 57.9. "Robust demand was supported from both the domestic and overseas markets, suggesting that what we are seeing is not just an export-orientated recovery, but there are also signs of life in domestic consumer and business spending," said Rob Dobson, senior economist at Markit.

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