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Record high in UK manufacturing ''should not boost interest rates''

1 February 2011
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Record high in UK manufacturing ''should not boost interest rates''The purchasing managers' index (PMI) for manufacturing in the UK has reached a record high, but this should not cause an interest rate rise.

This is according to ING Bank, which noted figures for activity in the sector have reached levels not seen since the current series began in 1992.

Both employment and new orders in the industry have risen in recent months, with output levels reaching the second highest to date and sharp climbs in input and output prices.

However, the institution's James Knightley pointed out that manufacturing is responsible for just 13 per cent of total UK gross domestic product and, "while this sector is doing very well, the rest of the economy is not nearly as strong".

Individuals involved in demand planning and manufacturing management may be interested in his comments that the services sector is contracting, overall growth remains weak and the impact of fiscal austerity measures has yet to be felt.

The Confederation of British Industry has predicted the expansion of UK production will continue, as exports continue to push up activity in the sector.ADNFCR-3058-ID-800378164-ADNFCR
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