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UK manufacturing PMI accelerates to 3-month high in Jan

by ChemOrbis Editorial Team -
  • 02/02/2016 (18:09)
According to a purchasing managers’ index (PMI) compiled by Markit Economics, UK manufacturing activity grew at its fastest pace in a three-month period in January. The index rose to a reading of 52.9 in January, higher than December’s figure of 52.1 and economists’ expectations of 51.6. Any reading above 50 represents an expansion.

Economists commented that UK growth is driven by the domestic market whereas new export orders remain in decline and manufacturers continue to lay off staff.

According to data from the Office for National Statistics (ONS), the UK’s gross domestic product (GDP) rose 0.5% in the last quarter of 2015 from the previous quarter’s 0.4% on the back of a stronger services industry while industrial production contracted 0.2%.
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