The UK manufacturing purchasing managers’ index (PMI) saw growth continue with a figure of 52.7. This was a fall from October’s revised figure of 55.2 but still above the growth threshold of 50.0, as it has been since March 2013.
The growth, however, appears to being pushed by larger companies, with SMEs stagnating in comparison.
Employment levels remained largely the same in November.
Rob Dobson, Senior Economist at survey compilers Markit commented: “UK manufacturing is moving back into expansion mode during quarter four, as it starts to reverse the losses sustained in the prior quarter. Although the pace of growth so far is only very modest, it positions manufacturing as less of a drag on the broader economy. Robust service sector growth will nevertheless be needed to achieve the 0.6% fourth quarter GDP expansion still required to meet the 2015 growth target outlined in the Chancellor’s Autumn Statement.
“While the improvement in recent months is a welcome trend, scratching beneath the surface of the manufacturing numbers stills exposes a number of weaknesses. Growth remains heavily focussed on the domestic consumer, while the strong gains at large-scale producers have yet to filter through to SMEs. A broadening of the expansion is necessary if the nascent recovery is to be sustained.
“On the price front, deflationary pressures are still prevalent at manufacturers as input costs fell at one of the sharpest rates in survey history and output selling prices fell further. If this mix of subdued growth and weak price pressures is reflected in other sections of the economy, the Bank of England will have further cause to push any potential rate increase into the spring of 2016.”
Consumer goods producers recorded the strongest increase, with the investment goods sector also showing solid growth.
The post Markit/CIPS UK Manufacturing PMI released for November appeared first on UK Construction Online.
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