On balance, purchasing managers remain hesitant in the current manufacturing business climate.

The manufacturing sector may be benefiting from the re-acceleration in global industrial production that is currently underway, and is evidently beginning to share more fully in the buoyant domestic economic conditions.

This confirms that manufacturing conditions are under pressure.

This indicates that manufacturing activity picked up somewhat in December following the slowdown in the preceding months.

The index is now well above the break-even level of 50, and points to a solid revival in the manufacturing sector.

The index, however, remains well below the peak of 60 reached in July last year.