Growth was supported by sharper expansions in output and new orders, which were the fastest for five months. Meanwhile, a further strong rise in employment helped soften growth in backlogs of work. Pressure on supply chains also eased somewhat as supplier performance deteriorated to the least extent since January 2021.
Nevertheless, firms reported a steeper rise in input costs as raw material shortages and higher energy costs pushed prices up. Companies sought to pass-through greater costs to clients, with selling prices increasing at the quickest pace on record (since January 2003).
Output expectations regarding the coming year improved to the highest since June 2018. Optimism stemmed from hopes of further upticks in client demand.
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