United Kingdom manufacturing PMI hits highest level since August 2013 in November - Markit/CIPS

Dec 03, 2017, 00:46
United Kingdom manufacturing PMI hits highest level since August 2013 in November - Markit/CIPS

"The latest reading marked the ninth consecutive month of growth in the Turkish manufacturing sector - the longest seen since 2014", according to the survey by London-based global data company IHS Markit prepared in collaboration with the Istanbul Chamber of Industry (İSO).

The seasonally adjusted IHS Markit Brazilian Manufacturing PMI rose to an 81-month peak of 53.5 in November from previous month's 51.2.

"Growth in output and new orders picked up to the fastest since October 2016, reportedly supported by reductions in GST rates and stronger underlying demand conditions", Dodhia said.

Employment rose to a three-month high at 55.8 from 55.4 as companies were forced to hire to deal with an increase in the backlog of work. Forecasts of additional economic improvements, new client wins and product diversification stimulated sentiment towards the year-ahead outlook for production. There were also reports that the historically weak sterling exchange rate continued to boost export competitiveness.

Factories are increasing production at their fastest rate in four years to handle a surge in new orders at home and overseas, leading to the sharpest rise in hiring since 2014. Within manufacturing, consumer goods was the best-performing category, although growth was also recorded in the intermediate and investment goods. Of real note was a surge in demand for United Kingdom investment goods, such as plant and machinery, with new orders for these products rising to the greatest extent in over two decades.

On the price front, input cost inflation quickened to the fastest since April, but firms were unable to fully pass on higher cost burdens to price-sensitive clients.

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