As we enter the first stages of the new year all economists are keenly watching for signs of any good news contained in the main economic releases. Yesterday saw the publication of the latest data from the Chartered Institute of Purchasing & Supply's purchasing managers' index (PMI). The December data showed a rise from 51.8 in November to over 54 for December 2009. This is a hopeful sign as any score of above 50 indicates growth. The detail in the data showed an increase in the new orders index to 57.4 which is the highest level since July 2007. This all had a positive impact on financial markets with a boost to the stock market (FT-SE 100 up above 5500) and even the moribund pound gained 0.2% on the US dollar to reach $1.62. Many City Economists concluded that the December PMI is an early sign that 2010 could be a better year for the manufacturing sector in the UK.
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