UK manufacturing PMI hits 2-month highs at 53.1 in Nov, a big beat
The manufacturing sector activity in the UK economy saw an upturn in the month of November, the latest data from Markit showed on Monday.
The manufacturing Purchasing Managers' Index (PMI) in the UK arrived at 53.1 points in November, as compared to a previous 51.1 reading. Markets had predicted the PMI to tick higher to 51.5.
Key Points:
Trends in output and new orders strengthen slightly.
New export orders decrease for second month running.
Rob Dobson of Markit commented in the release, “The November PMI provided a lacklustre picture of the UK manufacturing sector, as ongoing global trade tensions and Brexit uncertainty weighed on current business conditions and dampened the outlook for the year ahead.”
"Although November saw the headline PMI regain some lost ground and trends in output, new orders and employment picked up slightly from a weak October, growth is still among the weakest seen over the past two-and-a-half years. Based on its relationship against official ONS data, the survey indicators suggest manufacturing output is on course to make no contribution to GDP growth in the final quarter, with a clear risk of output contracting unless December proves a stronger month.”
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.
