The seasonally adjusted Purchasing Managers' Index (PMI) - a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy - posted 51.0 in January to signal a further improvement in the health of the sector. However, the reading was down from December's 47-month record of 51.9, and was consistent with only a marginal rate of improvement.

Manufacturers reported a further rise in client demand during January, as highlighted by a sustained increase in new orders. That said, the rate of expansion slowed since December's recent peak and was moderate overall. This was despite a renewed upturn in new export business, which increased at a solid pace that was the fastest since September 2014.