United Kingdom manufacturing 'shifted up a gear' in November

United Kingdom manufacturing 'shifted up a gear' in November

The seasonally adjusted IHS Markit Brazilian Manufacturing PMI rose to an 81-month peak of 53.5 in November from previous month's 51.2.

Any reading above 50 indicates expansion in the sector.

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"Growth in output and new orders picked up to the fastest since October 2016, reportedly supported by reductions in GST rates and stronger underlying demand conditions", said Aashna Dodhia, Economist at IHS Markit and author of the report. Within manufacturing, consumer goods was the best-performing category, although growth was also recorded in the intermediate and investment goods.

"The PMI's gauge of new order volumes showed the recent expansion in sales accelerating in November, resulting in the largest monthly increase so far this year", Aw said. This suggests that capital spending, especially in the domestic market, is showing signs of renewed vigour.

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The NBS data also showed that China's non-manufacturing sector expanded faster in November, with non-manufacturing PMI coming in at 54.8 in November, up from 54.3 in October. On past form, the output balance now is consistent with quarter-on-quarter growth in manufacturing output of about 1.2%.

November's figure was the highest in 51 months, and came significantly above the expectations of analysts polled by The Wall Street Journal, who forecast only a moderate acceleration and and a reading of 56.7.

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"That said, manufacturers remain very cautious about the outlook and likely won't invest enough to enable the current period of strong output growth to continue for long". We fear, therefore, as the CBI's Industrial Trends Survey has indicated that manufacturers might soon run in to capacity constraints.