The Markit/CIPS UK Manufacturing PMI report has shown that the rates of growth for production and new orders in December 2016 were among the best seen over the past two and a half years. The PMI (Purchasing Managers’ Index) was posted at 53.6 in November and had increased to 56.1 by December 2016.
It was found that manufacturing companies had benefited from stronger inflows of new work from domestic and overseas clients’ and the strongest gains were found across the consumer, intermediate and investment goods industries. This was due to the combination of new orders and a higher output, which encouraged manufacturers to expand capacity. Employment in the manufacturing sector had also risen for the 5th consecutive month.
The year ended positively which came as a relief as there was (and still is) concerns following the vote to leave the EU.