The UK Purchasing Managers’ Index (PMI- a composite indicator designed to provide an overall view of the manufacturing economy) released today has shown that manufacturing contraction has eased, but the PMI remains below 50.0 for the eleventh consecutive month.
January 2002 saw a modest rise in the seasonally-adjusted PMI, which recorded its highest level for three months. However, at 46.4, the headline indicator remained well below the critical no change mark 50.0, signalling contraction of overall manufacturing activity for the eleventh consecutive month.
January PMI Survey at a Glance