United Kingdom: Manufacturing PMI improves in February
March 2, 2015
The manufacturing Markit/CIPS Purchasing Managers’ Index (PMI) rose from 53.1 in January to 54.1 in February, which was a seven-month high. As a result, the index remains above the 50-threshold that separates expansion from contraction in business conditions, where it has been since February 2013.
According to Markit/CIPS, at the outset of the year, the manufacturing sector in the UK is recovering following a slowdown seen late last year. In February, both growth of manufacturing production and new orders accelerated. Markit/CIPS added that, “the rising levels of job creation […] demonstrate that the sector is in buoyant mood this month. This is good news for the UK economy as higher staffing levels mean more opportunity for economic expansion. The consumer goods sector was the star of the show, where there were significant increases in activity and stocks of raw materials continued to rise.”
Author: Dirina Mançellari, Senior Economist