The Markit/CIPS Purchasing Managers’ Index® (PMI®) for the manufacturing sector posted a healthy 58.4 in November.
With fastest job creation since May 2011, companies also benefited from rising levels of new export orders.
David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply:
“Manufacturing recorded an all-round glowing performance in November, as continued growth in production and new orders saw rates at, or close to, 19 year highs. Success was consistent across all three sectors of the market and resulted in the biggest jump in employment levels in two and a half years. Improved confidence and positive macro-economic conditions, both in the UK and abroad, complete a positive outlook as we close the year.
“The sector’s solid growth was primarily underpinned by a strong domestic market, boosting new business in the UK and giving manufacturers the confidence to look ahead to the future. This was coupled with new export orders from key overseas markets accelerating at one of the fastest rates since the financial crisis.
"The industry’s ongoing recovery has given rise to a substantial expansion in purchasing activity but similar to previous months, the sector is still experiencing some shortages, particularly in raw materials, implying that supply chains still have some catching up to do with the market. With good signs that growth will be maintained, suppliers go into the New Year with more opportunities than the challenges of previous years.”
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