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UK factory growth revised up

by LLB Reporter
4th Jan 22 10:19 am

UK factory activity grew more quickly than initially estimated in December and supply chain problems eased a little, according to a survey.

The final reading of the IHS Markit/CIPS manufacturing purchasing managers’ index for December was 57.9, up from a preliminary reading of 57.6 and not far off November’s three-month high of 58.1.

The survey said: “Although a slight easing in supply chain delays helped lift output volumes and take some of the heat out of input price increases, logistic disruptions and staff shortages were nonetheless still stymieing the overall pace of expansion.

“Companies maintained a positive outlook at the end of 2021. The majority of firms (63%) forecast that production would increase over the coming 12 months, compared to only 6% anticipating a contraction. Optimism reflected expectations of renewed global economic growth, planned investment and hopes for less disruption caused by Covid-19, Brexit and supply chain issues.”

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