Source: IHS Markit
UK Manufacturing PMI was at 58.1 in November, up from 57.8 recorded in October and a three-month high. FTSE 100 is up +1.31%, GBPUSD is up +0.13%.
- The increase in manufacturing activity was met by input price increases, which hit the highest level in the survey history of 30 years.
- Companies posted increased intakes of new work, especially domestically, with safety stocks contributing to a surge in output.
- Supply chain constraints remained, with higher lead times leading to material shortages.
- Backlogs increased to near-record levels, which supported job growth. Employment rose for the eleventh straight month and the quickest since August.
- Business optimism hit a three-month high, with 63% of firms projecting output increases in the next twelve months.