UK Manufacturing Rebounds After Nearly 2 Years of Decline on Jump in Domestic Demand

• UK manufacturing activity expands after nearly 2 years of contraction, as jump in domestic orders helps lift output to 20-month high in March

• Purchasing managers index rises above 50 to 50.3, indicating manufacturing sector growth again after shrinking since July 2022

• New orders index improves to 50.2 from 45.4 in February, though foreign demand still weak amid global difficulties

• Job cuts continue but at slowest pace since last May; expectations for future output growth highest since April 2022

• Manufacturers showing resilience despite trade disruptions, high interest rates; in good position to benefit as conditions improve