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UK Manufacturing PMI was finalized at 50.2 in November, up from 49.7 and marking a 14-month high. S&P Global’s Rob Dobson said the month delivered further signs of recovery, with output rising for a second straight month and new orders stabilizing after more than a year of continuous decline. Business optimism also strengthened to a […]
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Net borrowing of mortgage debt by individuals fell back to £4.3 billion in October, after a rise to £5.2 billion in September. Meanwhile, net borrowing of consumer credit by individuals decreased for a second consecutive month to £1.1 billion but the annual growth rate for all consumer credit remained unchanged at 7.2% in October.
This article was written by Justin Low at investinglive.com.
Key findings:
Comment:
Rob Dobson, Director at S&P Global Market Intelligence
“November saw further signs of recovery in the UK
manufacturing sector. The headline PMI is back in growth
territory for the first time in over a year, with output up for
a second month and the trend in new business stabilising
following 13-months of continual decline. Business
optimism has also continued its recovery, rising to a ninemonth high.
“The numbers are especially encouraging as this
improvement occurred despite November seeing elevated
levels of business uncertainty, and in some cases an
element of gloom, ahead of the Autumn Budget.
“The lifting of this uncertainty caused by the long lead-in
to the Chancellor’s budget announcement should
hopefully provide a boost in December, but it will be
interesting to see the extent to which business might
react to the absence of any significant growth-promoting
measures. After all, despite the improvement in the
performance of the manufacturing sector, any growth is
still worryingly weak.
“Rising competitive pressures and slower cost inflation
meanwhile led to factory gate prices being cut for the first
time in over two years. This combination of soft industrial
performance and subsiding price pressures will add to the
shift in policy debate away from inflation fears towards
supporting economic growth.”
This article was written by Giuseppe Dellamotta at investinglive.com.
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