Although the latest survey pointed to a solid rise in manufacturing output, the rate of expansion eased for the fourth month running to its least marked since January. Anecdotal evidence suggested that uncertainty towards the global economic outlook had contributed to slower production growth and softer new business gains during recent months. Levels of new work continued to increase in December and the rate of expansion picked up slightly from the 10-month low recorded during November. Meanwhile, new export orders returned to growth at the end of 2014, but the upturn was only moderate and weaker than that seen for overall new orders. A number of manufacturers noted weak demand from the euro area and emerging markets, which contrasted with relatively strong spending patterns among domestic clients.
