Manufacturing output picks up in February

Manufacturing output has been growing at its fastest pace since April last year, according to a closely-watched survey.

The latest Purchasing Managers Index (PMI) survey from IHS Markit/CIPS showed the UK manufacturing output index rising to 52.8 this month, which was a 10-month high and up from 50.1 in January. A figure above 50 indicates expansion.

Overall the composite output index – which covers both services and manufacturing – was 53.3 this month, unchanged from January’s reading. The index figures are preliminary – or “flash” – readings based on 85% of the usual monthly replies, so are subject to revision.

The business activity index for the services sector slipped to 53.3 in February, down from 53.9 last month.