UK Manufacturing hits 16-year high
Manufacturing activity grew at its fastest pace in over 16 years in December. The Markit/CIPS manufacturing Purchasing Managers' Index rose to 58.3 in December, its highest since September 1994. The headline figure was above the consensus forecast of 57.0 and November's downwardly revised reading of 57.5.
The index has been above the 50.0 mark separating growth from contraction since the middle of 2009. "The UK manufacturing sector saw a truly spectacular end to 2010," said Rob Dobson, pictured, senior economist at Markit and author of the survey.
Manufacturing production rose for the 19th month running in December, led by substantial rates of growth in the Electrical, Transport and Chemicals & Plastics sectors. Underpinning the latest increase in output were stronger inflows of new work from both domestic and overseas markets. New export orders rose at the fastest pace since April's series record high.
