UK manufacturing saw contraction in December

UK manufacturing activity contracted in December but at lower rate than in previous months. The Markit/CIPS purchasing managers index increased to 49.6 from 47.7 in November. Analysts expected the PMI to approach 47.3 in December. The improvement is inspiring but, taken the pessimism over the Euro Zone's economy and weaker domestic demand, the prospects of the UK manufacturing remain uncertain, said David Noble, the CEO of Chartered Institute of Purchasing and Supply.