The data follows weak December factory output figuresreleased on Tuesday.
Output and new orders contracted for a seventh consecutive month in January, although at a slower pace than in the previous two months, the S&P survey’s subindexes showed. On the bright side, supplier delays were the least prevalent since February 2021, suggesting improvement in the tight supply of parts such as semiconductors. Input and output price inflation were the slowest in 16 months.
“Hopes of a sustained improvement in supplier performance, alongside a reduced headwind from the pandemic, helped to support a further upturn in business confidence at the start of 2023,” Moore said. Around three times as many manufacturers in the survey expect production to expand in the next 12 months as those that foresee a contraction, according to Moore.Subscribe to our business newsletter
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