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Manufacturing slows but still expands for 22nd month

02 Jan 2015

The influential, and forward-looking, Markit/CIPS UK Manufacturing PMI* (Purchasing Managers' Index) for December was published today, showing that although new orders and growth slowed, it was still the 22nd consecutive month of expansion

The survey showed that the growth was broad-based, that input prices declined (mostly due to the lower oil price), and that manufacturing employment continues to increase. The decline in raw material prices suggests that inflationary pressures will continue to remain benign.

Although exports to North America and Middle East show signs of growth, exports to Europe continue to be weak, further highlighting eurozone economic weakness

Overall the survey indicates a steadily-growing UK economy, with a general level of confidence amongst manufacturers that bodes well for 2015

*The index is based upon data compiled from monthly questionnaires to purchasing managers in over 600 industrial companies. It is based upon five sectors with weighting as follows: New orders (3.0), Output (2.5), Employment (2.0), Suppliers' delivery times (0.15), Stocks of items purchased (1.0). It has gained an excellent reputation for providing the most up-to-date possible indication of what is really happening in the private-sector economy

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