The seasonally adjusted Markit/CIPS Purchasing Managers’ Indeks (PMI®) posted 54.6 in February, a three-month low and down further from December’s two-and-a-half year high. However, the PMI was firmly above its long-run average of 51.6 and nonetheless signalled expansion for the seventh successive month. February data pointed to a further marked increase in UK manufacturing production. Growth remained solid across the three product categories – consumer, intermediate and investment goods – with the steepest increase seen in the latter.
UK Manufacturing PMI at at a three-month low
The UK manufacturing sector experienced further solid growth of production and new orders during February. Although rates of expansion slowed, they remained well above the respective long-run averages. Increased new business inflows were underpinned by improved domestic and overseas demand, the latter aided by the continued weakness of the sterling exchange rate.
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