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Manufacturing activity hits 2 year high
Activity in the manufacturing sector has risen at the fastest pace for more than two years, according to the Chartered Institute of Purchasing and Supply (CIPS) managers' index.
The index rose to 54.1 last month, above the expected forecast of 52.0 and after a surprise fall to 51.8 in November. The figures suggest Britain's economy ended the year on a strong footing and will boost expectations that manufacturing made a positive contribution to growth in the fourth quarter.
"December PMI data signal a positive end to a tumultuous year for manufacturers. The outlook is somewhat clouded given the uncertainty of the timing of fiscal and monetary stimuli withdrawal but the momentum of the recovery should hopefully aid sustainability," said Rob Dobson, economist at Markit.
Post Date: January 4th, 2010
The index rose to 54.1 last month, above the expected forecast of 52.0 and after a surprise fall to 51.8 in November. The figures suggest Britain's economy ended the year on a strong footing and will boost expectations that manufacturing made a positive contribution to growth in the fourth quarter.
"December PMI data signal a positive end to a tumultuous year for manufacturers. The outlook is somewhat clouded given the uncertainty of the timing of fiscal and monetary stimuli withdrawal but the momentum of the recovery should hopefully aid sustainability," said Rob Dobson, economist at Markit.
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Post Date: January 4th, 2010
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