12/1/2020, 10:31 AM (Source: TeleTrader)
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UK manufacturing PMI at 35-month high in November

The manufacturing sector in the United Kingdom recorded a faster rate of growth in November, according to a report by IHS Markit on Tuesday. The seasonally adjusted Purchasing Managers' Index (PMI) jumped to a 35-month high of 55.6 in November from 53.7 in October, rising for six months in a row. Production increased, as did the volume of incoming new business.

"Growth of the UK manufacturing sector picked up in November, temporarily boosted by 'Brexit-buying' among clients and the ongoing boost from economies re-opening following lockdowns earlier in the year. The effects were strongest felt among firms supplying inputs to other companies as warehouses were restocked, and among producers of investment goods such as machinery and equipment. The weak point was the consumer goods industry, which saw lower output and new order intakes amid depressed household sentiment caused by mounting job losses and the UK re-entering lockdown," said Rob Dobson, IHS Markit director. However, he expressed doubt about maintaining growth in the new year amid Brexit uncertainties.

Breaking the News / DJ