The UK Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing sector posted a small rise, offering some hope there is more positive news on the horizon for the British economy.
The index posted at 49.1 is still in contraction territory and the increase in activity has been assigned to clearing backlogs of work. Purchasers in the sector are still cautious over pricing.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“The most that we can say about November’s manufacturing performance was that it was simply less bad than the previous month. Although the sector is stabilising, it is still being battered on two fronts – with depressed domestic demand and weak demand from key markets overseas – particularly Europe and the US.
“Increased output and consistency in new orders helped to steady the sector in November. However this was tempered by an acceleration in job losses and the scaling back of purchasing activity.
“Consumer confidence looks like it is translating into increased demand for consumer goods, unlike the intermediate and investment sectors which continue to retrench.
“Regrettably, until on-going macro issues have been addressed, the situation is unlikely to change dramatically.”
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