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Financial News: UK Manufacturing Growth At 3-Year High

UK Manufacturing Growth At 3-Year High

01/04/2021 - 07:08:00 (RTTNews)

(RTTNews) - The UK manufacturing activity grew at the fastest pace in three years in December, final survey results from IHS Markit showed Monday.

The Chartered Institute of Procurement & Supply/IHS Markit factory Purchasing Managers' Index advanced to a 37-month high of 57.5 from 55.6 in November. The score was above the flash estimate of 57.3.

Clients bringing forward orders to beat the end of the Brexit transition period and the ongoing bounce from the re-opening of the global economy boosted inflows of new orders and pushed output higher, survey showed.

Meanwhile, port delays and other logistical disruptions meant that supply-chain delays lengthened to one of the greatest extents in the survey's history. Job cuts were made for the eleventh consecutive month in December.

Average input costs grew at the fastest pace in two-and-a-half years in December due to input shortages, vendor price rises, increased transportation costs, Brexit uncertainty and exchange rate factors. Consequently, manufacturers raised their output charges.

Business optimism eased in December, with 56 percent of manufacturers forecasting output to rise over the next 12 months.

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