The UK manufacturing industry grew faster than was expected in February 2014, according to the Chartered Institute of Purchasing & Supply (CIPS) Manufacturing Purchasing Managers’ Index (PMI). Employment in the sector expanded at its fastest rate for almost three years and the PMI ticked up to 56.9 from 56.6 in January – higher than the 56.5 economists predicted and the eleventh consecutive month that UK manufacturing has shown expansion.

Manufacturing accounts for around a tenth of the UK’s economy, and the latest figures suggest that another quarter of solid economic growth should be on the cards. The sharp rise in job creation – a 33 month record – should also help the wider economic recovery.

The upturn has been seen across all manufacturing sectors – consumer, intermediate and investment goods producers have all reported robust increases in output, new orders and employment during February. New export business has also flourished with orders from clients in the US, the Middle East, China, Africa and Europe flooding in. This strong demand has certainly aided the pricing power of UK manufacturers, with average selling prices rising for the eighth consecutive month.

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