This was highlighted by the seasonally adjusted IHS Markit/CIPS Purchasing Managers' Index (PMI) posting 56.9, up from 55.3 in July, to its secondhighest level in over three years. All five of the PMI components - output, new orders, employment, suppliers' delivery times and stocks of purchases - were consistent with a stronger performance for the manufacturing industry during August. Production rose at the steepest pace in seven months, underpinned by faster intakes of new work received. Moreover, rates of expansion in both variables were among the best registered since mid-2014.