1 February 2007, 13:10  UK Jan manufacturing PMI 52.8

The UK's manufacturing sector, which accounts for around 15 pct of the country's GDP, saw activity unexpectedly pick up in January, sources said of a key survey. They said that the Chartered Institute of Purchasing and Supply's purchasing managers index rose to 52.8 in January from 52.0 in December, revised up from 51.9 previously. The reading is above the median forecast of analysts polled by AFX News, who had predicted a small decline to 51.7, and marks the first acceleration in the index since September last year. A reading above 50 in the index indicates expansion. A more detailed look at the survey showed that the index measuring output rose to 53.6 from a revised 52.2, while the new orders sub-index rose to 54.1 from a revised 53.2. Again, both this is the first acceleration in these components since September. Meanwhile, the index measuring employment rose back above the level marking an expansion to 50.5 from a 49.1, revised up from 49.0 previously. Elsewhere, the indices measuring prices also rose. Input prices jumped to 61.4 from 58.3 to mark the first pick-up in the index since August 2006, while the output prices sub-index rose to 54.2 from 53.5.

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