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British manufacturing expands at start of 2016

Xinhua, February 2, 2016 Adjust font size:

The British manufacturing Purchasing Manager Index (PMI), a gauge of industry activities, registered 52.9 in January 2016, up slightly from 52.1 (originally reported as 51.9) in December 2015, survey provider Markit released on Monday.

The PMI has remained above the neutral 50.0 mark for 34 successive months in January.

The growth of manufacturing production reflected improved inflows of new work from the domestic market. Moreover, the rate of expansion in output accelerated to a 19-month high. However, the trend in new export orders fell back into decline.

The consumer and investment goods sectors were the prime drivers of the output growth acceleration. Meanwhile, the intermediate goods sector has also gained a solid rate of expansion.

"Though the PMI survey has generally signaled growth of production and new orders through much of the past three years, January also saw respondents cite increased competition, challenging exchange rates and a more difficult marketplace as factors making it increasingly difficult to win new contracts and protect margins hard won in recent months," David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply, commented. Endit