Published: 4th Jan 2018
After record highs of 58.2 for November 2017’s Manufacturing Purchasing Managers’ Index (PMI), December saw slightly lower rates of growth at 56.3 – yet UK manufacturing still ended the year on a high, with solid increases across new business, output and employment in the sector.
The survey results have produced an index reading above the all-important growth figure of 50.0 for almost a year and a half, with the average result of 57.0 representing the best results for the British manufacturing sector for four years.
New order growth and product development has led to an increase in production and employment for the sector, with output growing in the investment goods and intermediate sectors once again for December.
There has been strong growth in new UK manufacturing exports, in particular to the USA, Europe, the Middle East and China.
David Johnson, founding director of Halo Financial, commented: “There has been a welcome easing of cost increases in December, which is a positive sign for the industry, as import costs fell to the lowest in four months. Inflationary pressures remain, however, as the cost of raw materials continues to rise; forcing suppliers to put up prices.
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