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Financial News: UK Manufacturing Sector Upturn Continues In December

UK Manufacturing Sector Upturn Continues In December

01/04/2022 - 07:57:00 (RTTNews)

(RTTNews) - The UK manufacturing sector upturn continued in December, with further growth of production, new orders and employment, final data from IHS Markit showed on Tuesday.

The IHS Markit/the Chartered Institute of Procurement & Supply manufacturing Purchasing Managers' Index rose to 57.9 in December, little changed from November's three-month high of 58.1. The flash score was 57.6.

The sector has expanded for 19 consecutive months. A score above 50.0 indicates expansion.

Output grew at the fastest pace in four months in December. Increased output was underpinned by rising intakes of new business. However, the trend in new export business remained negative.

Manufacturing employment increased for the twelfth successive month in December.

Companies maintained a positive outlook at the end of 2021. The majority of firms forecast that production would increase over the coming twelve months.

On the price front, the survey revealed that inflationary pressures remained elevated in December. The rate of increase in factory gate selling prices accelerated to a fresh series-record high, as companies passed on rising costs to their customers.

A further substantial increase in average input prices, with the rate of inflation staying among the steepest seen in the survey history.

"We can't lose sight of the fact that the UK economy took a significant hit and new variants and potential lockdowns threaten to impede much needed progress but at least the sector ended the last quarter of 2021 on a surer footing," Duncan Brock, group director at the CIPS, said.

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