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U.K. Manufacturing Strongest Since Feb 2011
U.K. manufacturing activity expanded at its fastest pace since February 2011 as the sector gained further momentum from production and new orders, data from Markit Economics showed Monday.
The Markit/Chartered Institute of Purchasing & Supply Purchasing Manager's Index rose to 58.4 in November, from an upwardly revised reading of 56.5 in October. The score was also above consensus of 56.4.
Moreover, the PMI has signaled expansion for eight months running. The upturn also remained broad-based, with all of the sub-sectors covered by the survey reporting increases in output and new business.
The outlook for manufacturing remained positive in November. They reported further stock depletion. The ongoing recovery at manufacturers encouraged further job creation in November.
"Manufacturing and the wider economy are therefore both on course to build on the third quarter's solid foundation," Rob Dobson, senior economist at survey compilers Markit said.
Input costs increased for the fifth month in a row and companies reported some success in passing on higher costs to clients.
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