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UK manufacturing hits 15-month high in December
UK manufacturing activity rose to a 15-month high in December, a survey showed this morning.
The Markit/CIPS Manufacturing Purchasing Managers’ Index edged up to 51.4 in December, up from 49.2 in November. A reading above 50 indicates growth.
Manufacturing makes up just 10 per cent of British output, so construction and services PMIs due later this week will give a stronger guide to the health of the economy as a whole, which is only forecast to grow slowly in 2013.
“This offers some genuine hope for the manufacturing sector going into 2013, although conditions are clearly still tough,” said Howard Archer, chief UK and European economist at IHS Insight.