The UK manufacturing sector made a positive start to 2014.
Rates of expansion in
output and new orders remained well above their respective long-run trends,
supporting a solid increase in payroll numbers.
Although the PMI
currently stands at its lowest level in three months, it is still well above
the series average of 51.3. The headline index has signalled an improvement in
operating conditions in each of the past ten months.
The strong upturn in manufacturing production was maintained
in January, as companies scaled up output in response to stronger inflows of
new orders. There were reports of improved demand from the domestic market and
rising levels of new business from overseas.
The latest expansion in new export orders was broad-based by
source, with UK manufacturers mentioning improved demand from North America,
mainland Europe, Asia, Brazil, Scandinavia and the Middle-East.
Moreover, the ongoing improvement in global market
conditions drove the rate of increase in new export business to a near
three-year record.
The ongoing rebound in the sector led to further job
creation at the start of the year.
January saw employment increase for the ninth successive
month, with the rate of jobs growth remaining close to November’s
two-and-a-half year high.
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