Something for positive post day!
Sterling rose by 3½ cents against the dollar to $1.6928 after new survey data showed that manufacturing industry is growing again for the first time in more than a year. The Purchasing Manager's Index (PMI) for the sector, produced by Markit, rose from an upwardly-revised 47.4 points to 50.8 points in July. It is the first time it has surpassed the 50-level, which separates expansion from contraction, since March 2008.
The increase, which was far beyond what economists had anticipated, pushed sterling higher, along with gilt yields, since the PMI has often been a reliable signal for official measures of economic growth.
Improved productivity by fewer workers!
ReplyDeleteAnd of course, the banks which didn't ask for government help have made £3bn profit in the past quarter's declarations.
ReplyDeleteHurrah! I'm so positive!!
ReplyDeleteLet's hope it continues LN - like SR I wish the media would highlight the fact that Barclays & HSBC didn't take the govt's shilling so they can pay whatever bonuses they want.
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