LONDON: UK Manufacturing Purchasing Managers rose to 53.0 from 52.7 in December, beating a Reuters poll forecast for 52.6 and holding comfortably above the 50 mark that signals growth.
The figures suggest manufacturing output is rising at a quarterly pace of around 0.2 percent, according to survey compiler Markit, only a slight improvement on the 0.1 percent growth seen in the last three months of 2014.At this rate, the sector will provide little meaningful boost to the economy in the first quarter,” said Rob Dobson, senior economist at Markit.
Despite expanding last year at the fastest annual pace since 2007 over 2014 as a whole, Britain’s economy grew less than expected in the final three months of the year, and the government will be keen to avoid signs of a further slowdown ahead of a May 7 national election.
Orders from both home and abroad came in faster last month, the PMI showed, with the new export orders index hitting a five-month high.With oil prices more than halving over the last six months to below $50 a barrel, prices paid by manufacturers for raw goods fell at the fastest rate since May 2009.
Correspondingly, producers cut prices charged to customers for the first time in 19 months and at the fastest pace since September 2009.
