Manufacturing sector surges as confidence in global recovery grows

Factory output growth in March hits 10-year high as new orders and employment expand at rapid pace

Factories across the world reported surging orders in March as the rollout of Covid-19 vaccines accelerated and the $2tn of public investment announced by the Biden administration lifted confidence in a sustained global recovery.

The likelihood of interest rates remaining at historic lows, and the prospect of consumers unlocking some of the savings from last year in a rapid spending spree also underpinned the strength of the recovery from the shock of the pandemic and sent shares on US and German stock markets to record highs.

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