Investing.com - Activity in the UK manufacturing sector slowed slightly in the last month of the year, but continued to expand at a solid pace, according to survey data released on Tuesday.
Research group IHS Markit said that its UK manufacturing purchasing managers’ index declined to 56.3 in December from 58.2 in November, which was a 51-month high.
Economists had forecast a reading of 58.0.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Although December saw rates of expansion in output, new orders and employment slow from November’s highs, growth in all three remained solid and well above long-run trends, the report said.
“UK manufacturing ended 2017 on a positive footing. Although growth of output and new orders moderated during December, rates of expansion remained comfortably above long-term trend rates,” said Rob Dobson, director at survey compiler Markit.
“The sector has therefore broadly maintained its solid boost to broader economic expansion in the fourth quarter.”