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Britain's manufacturing recovery sustains strength

Feb. 3, 2014 at 11:36 AM   |   Comments

LONDON, Feb. 3 (UPI) -- British manufacturing maintained a robust recovery in January, despite a slip in the purchasing managers index, Markit Economic said Monday.

The PMI throttled back from 57.2 in December to 56.7 in January, but the level remains solidly positive, the research firm said.

Figures above 50 indicate growth, while below 50 indicates contraction.

"Rates of expansion in output and new orders remained well above their respective long-term trends," Markit said, despite the overall PMI hitting its lowest level in three months.

The component index measuring the number of employees showed growth for the ninth consecutive month in January. In addition, expanded export orders were broad-based, coming from mainland Europe, Asia, Brazil, Scandinavia and the Middle-East, Markit said.

"UK manufacturing made a strong start to the new year, continuing the robust upsurge in production

seen at the tail end of 2013. Although the pace of output expansion has cooled slightly in recent

months, growth is still tracking at one of the highest rates in the 22-year survey history," said Rob Dobson, senior economist at Markit.

"The broad base of the upturn is remarkable, with its benefits being felt across all product categories," he said.

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