Manufacturing growth hits highest level in 18 years

02 December, 2017, 01:10 | Author: Terri Saunders
  • Turkish manufacturing grows for nine consecutive months

Activity in the United Kingdom manufacturing sector picked up in November, hitting its highest level since August 2013, according to data released on Friday.

Financial information firm IHS Markit Ltd. said its purchasing managers index for the manufacturing industry, jumped to 58.2 in November, up from the upward-revised reading of 56.6 a month earlier.

"In the fourth quarter, the economy is likely to maintain the stability observed since the start of the second half of the year. The IMF's latest projections show global economic growth accelerating to a seven year high of 3.7pc in 2018, so given the extent to which the Irish economy is leveraged to worldwide developments we believe that manufacturers here are right to feel confident about the future", Mr O'Sullivan said.

The latest survey also showed busy manufacturers were increasingly facing cost pressures caused by supply chain bottlenecks.

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Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said: "UK manufacturers are being swept along by the Eurozone's resurgence - the single currency area's PMI increased to 60.1, from 58.5 in October - but remain cautious about the outlook".

A PMI survey of the services sector is due to be published on Tuesday.

Still, the British PMI was not as strong as the euro zone's and export orders grew faster in other major European economies - suggesting the pound's fall since last year's Brexit vote has yet to give British factories a big advantage. The final figure, which was in line with a flash reading released last week, was well above the 50 line that separates growth from contraction. There were also reports that the historically weak sterling exchange rate continued to boost export competitiveness.

On the price front, input price inflation accelerated to an 8-month high in November, mainly driven by higher prices for steel and paper. Investment goods new orders, in particular, were strong and increased at the fastest pace since August 1994.

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