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Manufacturing higher and costs lower

03 Feb 2015

Data released yesterday shows that UK manufacturing nudged higher, and companies costs were lower in January

The influential Markits/CIPS UK Manufacturing PMI (Purchasing Managers' Index) rose to 53.0, compared to the long-run average of 51.5 - with output rising for the twenty-third consecutive month, driven by a further increase in new orders.

This coincided with manufacturers' costs declining the most since May 2009, as the lower oil price feeds through to input prices. Although only some of these input savings were passed onto consumers in the form of lower prices, it provides further evidence that UK interest rates will not rise until late 2015 at the earliest

Another bright spot in the data was the uptick in orders from overseas, particularly Germany and France - a refreshing change from previous surveys highlighting poor economic performance from the eurozone. Although the eurozone's bigest economy (Germany) slipped into deflation recently, news that fiscal stimulus will be provided by the European Central Bank may have already boosted economic confidence

The survey also showed that UK manufacturing is currently adding jobs at the rate of about 5,000 per month

*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

For the full release see here

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