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What should we make of today’s PMI data?

Some will celebrate—but here are four reasons that we should not get carried away

By George Magnus  

A steel site near Wolverhampton. What should we make of today's PMI? ©David Jones/PA Wire/Press Association Images

UK manufacturing output and orders snapped back in August, according to this morning’s Markit/CIPS purchasing managers’ index. In fact the 5 point jump in the reading from 48.2 to 53.3 was the joint highest ever recorded. This is unequivocally good news for the manufacturing sector after the plunge following the referendum on Britain’s membership of the European…

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