An index measuring manufacturing sentiment jumped to a 13-year high in August after further easing of coronavirus restrictions supported domestic demand and exports.
The reading is at the highest level since March 2007 and marks the first time since 2016 that the index has spent four straight months above 50, which signals expansion. However, it probably overstates the extent of the recovery in a sector that was almost completely shut in April and factory output is unlikely to have returned to pre-virus levels.
Restrictions initially shuttered almost all activity, including the manufacturing sector from March 27, before a gradual and phased reopening of the economy started in May. While restrictions were eased to level 2 in mid-August, many companies had closed down permanently or fired workers during the lockdown.
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