UK manufacturing sector reaches 3-year high in January
The UK manufacturing sector continued its strong growth pace well into January, recording a three-year high during the 1’st month of 2014, a brand new media report has revealed.
This ascending trend was driven mainly by new order growth from North America, mainland Europe, Asia, Brazil, Scandinavia and the Middle East, figures obtained from manufacturers’ organizations would suggest.
Nevertheless, there are still some reasons for concern, since the CIPS/Markit purchasing managers’ index (PMI) survey recorded a 56.7 score for the sector as a whole, down from 57.2 in December.
Even if this overall score was lower than expected, it was still well above average and new exports were at their highest level since February 2011, while jobs increased for the ninth month in a row.
Andy Tuscher, Northern Director at EEF, the manufacturers’ organisation, said: “Manufacturers have begun the year in positive mood, maintaining the solid activity trends seen during the second half of last year. With separate data showing a further improvement in manufacturing activity across the euro zone, this supports our forecast for UK manufacturing output to grow by 2.7% this year, the fastest rate of expansion in four years. Some doubts will persist, however, over the durability of this upturn given the ongoing weakness in investment spending and concerns over the impact of high energy costs across the sector.”
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