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British manufacturing index shows solid growth

Jan. 2, 2014 at 10:29 AM

LONDON, Jan. 2 (UPI) -- British manufacturing indexes showed production and new orders at or near 22-year highs in December, Markit Economics reported Thursday.

The headline Purchasing Managers' Index for manufacturing -- with figures above 50 indicating growth -- slipped from a 33-month high in November at 58.1 to 57.3 in December, Markit said.

The new reading is "still a level indicative of a robust improvement in overall operating conditions," Markit said.

For the final quarter of 2013, the average monthly PMI level was 57.2, the highest level for a quarter since January through March of 2011.

Output and new order growth "remains robust," Markit said.

Prices producers paid for materials and received for their goods both rose at a faster pace in December compared to the pace in the previous month.

"On its current track, the sector should achieve output growth of over 1 percent in the final quarter while filling around 10-15 thousand jobs, continuing its positive contributions to both the broader economic and labor market recoveries," said Rob Dobson, senior economist at Markit.

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