UK Final Manufacturing PMI revised higher to 57.8 in October, beats estimates
The UK manufacturing sector activity expanded in October, the final report from IHS Markit confirmed on Monday.
The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) was revised higher from 57.7 to 57.8 in October, beating expectations of 57.7.
Key points
New order growth ticks higher despite drop in new export work.
Selling prices rise at record pace.
Rob Dobson, Director at IHS Markit, commented on the survey
“Growth of UK manufacturing production slowed further during October, with output volumes rising only slightly and at the weakest pace for eight months. Strained global supply chains are disrupting production schedules, while staff shortages and declining intakes of new export work are also stymieing the upturn.”
“This low growth environment is occurring in tandem with a severe upshot in inflationary pressures, with manufacturers reporting both a near-record increase in input costs and record rise in selling prices.”
GBP/USD reaction
At the press time, GBP/USD is trading around 1.3660, stuck in range after Friday’s steep sell-off. The spot is down 0.22% on the day.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
