UK manufacturing sector activity accelerated in February amid an easing of raw material shortages and supply chain challenges.
Source: IHS Markit
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The IHS Markit-CIPS manufacturing purchasing managers’ index jumped to a three-month high of 58.0 points in February, up from a preliminary score of 57.3.
The growth rate of UK manufacturing production surged to a seven-month high in February backed by stronger domestic demand, fewer raw material shortages, and easing global supply chain pressures.
The latest survey signaled that cost increases were starting to slow down, despite input price inflation remaining elevated.
Rob Dobson, director at IHS Markit, stated that February reported expansion rates in UK manufacturing production and new orders. Growth was supported by improved domestic demand and by firms catching up on delayed work.
Dobson further noted that consumer goods output also benefited from growth in sales due to additional easing of Covid-19 restrictions.