LONDON, Nov. 1 (UPI) -- A monthly index of British manufacturing posted encouraging numbers for October, Markit Economics reported Friday.
"The UK manufacturing sector carried its strong third quarter performance into the final quarter of the year," Markit reported, pegging the country's purchasing managers index at 56, just slightly below September's revised level of 56.3.
With numbers above 50 indicating growth, Markit said the PMI for Britain indicated a "solid start to the final quarter."
"The Manufacturing PMI remains close to August's two-and-a-half year high, with growth of output and new orders both trending near to recent 19-year records," said Markit Senior economist Rob Dobson in a statement.
British manufacturing has a long way to go, however, to find its way back to the pre-recession peak.
With the sector 9 percent smaller than its peak, "maintaining this solid expansion will be important if we are to see any real signs of the economy re-balancing," Dobson said, noting that the service sector has already "closed the gap."
On the positive side, British manufacturing is creating jobs "at a solid pace, which should help bring unemployment down in the coming months," Dobson said.
