December’s Markit Manufacturing Purchasing Managers’ Index has shown that growth in the manufacturing industry is going from strength to strength.
The index recorded an index level of 57.3 in December which, although slightly down on November’s figure of 58.1, is far higher than the 50 index level which indicates growth. Markit stated that growth in output and new orders was robust, and has been aided by an increase in new export orders from Brazil, China, Russia and the U.S.
The sector’s growth seems to echo that of the rest of the UK economy, with recent data showing that the rate of unemployment has dropped to its lowest figure since 2009.
“On its current track, the sector should achieve output growth of over 1% in the final quarter while filling around 10-15 thousand jobs, continuing its positive contributions to both the broader economic and labour market recoveries.” Comments Rob Dobson, a senior economist at Markit.
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