Manufacturing figures “may be enough to allay fears over slowdown of economy”

Following a slow end to 2014, The Chartered Institute of Procurement & Supply’s index increased to 53, where a figure above 50 marks growth. UK firms were helped by higher demand from a range of countries including France, Germany, Japan, the Middle East and the US.

Manufacturers grew output for the 23rd month running in January while the industry hired more staff for the 21st month in a row. Cips chief executive David Noble said the modest acceleration among manufacturers "may be enough to allay fears of an overall slowdown in the UK economy".

Recent figures showed the UK economy overall expanding 0.5 per cent in the final quarter of 2014, the slowest rate for a year. It is therefore hoped that the above January figures signals an upturn in economic activity. The brighter picture at home can be contrasted with China, whose factories saw shrinking activity for the second month and with figures from across Europe, where manufacturing growth is sluggish.

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