UK manufacturing
The UK manufacturing sector ended 2013 on a positive footing, according to research group, Markit, whose Purchasing Manager’s Index (PMI), complied in association with the CIPS, posted 57.3 in December, down slightly from November’s 33-month high of 58.1, but “still a level indicative of a robust improvement in overall operating conditions.”
According to the report, December saw rates of expansion in production and new orders both remain among the highest in the 22-year survey history, leading to a pace of job creation close to November’s two and a half year record.
Strengthening domestic market conditions and a solid bounce in incoming new export orders also benefitted companies operating in the UK manufacturing sector.
“UK manufacturing ended 2013 on a high and with all signs of powering ahead into 2014. The rate of production and new order growth remained well above the long-run survey average, rounding off the best overall quarterly performance for the PMI since Q1 2011,” commented David Noble, Chief Executive Officer at the CIPS. “The sector’s broad based expansion was underpinned by strong domestic demand and improved export orders, all of which are signs of an underlying trend of continuing growth going into the New Year.”
On the price front, average input costs and output charges both rose at faster rates in December. Purchase price inflation accelerated to a 28-month high.