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2 Mar 2015
UK manufacturing PMI rises to 7-month high
FXStreet (Mumbai) - The seasonally adjusted Markit/CIPS Purchasing Manager’s Index (PMI) rose to a seven-month high of 54.1 in February, beating the estimate of 53.4, and up from 53.1 in January.
Manufacturing employment rose for the twenty-second successive month. Average purchase prices fell at a substantial pace that was only slightly less marked than January’s 68-month record. The sterling exchange rate was also reported to have reduced the import cost. The average output prices fell again in February, the second successive survey period where a decrease has been signalled.
Rob Dobson, Senior Economist at survey compilers Markit, “The UK manufacturing sector is reviving in early 2015 after the slowdown seen late last year, as growth rates of both production and new orders continued to strengthen in February. Output is now rising at a quarterly pace close to 0.5% and job creation is running at a rate of five thousand new positions filled per month. This reinforces the picture of a broader growth revival in the UK so far in the opening quarter.”
Manufacturing employment rose for the twenty-second successive month. Average purchase prices fell at a substantial pace that was only slightly less marked than January’s 68-month record. The sterling exchange rate was also reported to have reduced the import cost. The average output prices fell again in February, the second successive survey period where a decrease has been signalled.
Rob Dobson, Senior Economist at survey compilers Markit, “The UK manufacturing sector is reviving in early 2015 after the slowdown seen late last year, as growth rates of both production and new orders continued to strengthen in February. Output is now rising at a quarterly pace close to 0.5% and job creation is running at a rate of five thousand new positions filled per month. This reinforces the picture of a broader growth revival in the UK so far in the opening quarter.”