Economy

Markit/CIPS: UK manufacturing PMI hits highest level since August 2013 in November

Markit/CIPS: UK manufacturing PMI hits highest level since August 2013 in November

"The latest reading marked the ninth consecutive month of growth in the Turkish manufacturing sector - the longest seen since 2014", according to the survey by London-based global data company IHS Markit prepared in collaboration with the Istanbul Chamber of Industry (─░SO).

Poland's manufacturing activity expanded at the sharpest pace in nine months in November, survey data from IHS Markit showed Friday.

Output and new orders both rose only modestly leading to a fall in employment and a reduction in business confidence.

This is for the fourth consecutive month that the index has come in above 50 point mark that separates expansion from contraction.

Anecdotal evidence suggested that strong economic conditions, promotional activities and greater client demand had continued to sustain order book growth.

The increase in growth has resulted in a further rise in the backlogs of work, with November's increase the fastest in the current seven month sequence of growth.

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While higher foreign demand contributed, the domestic market remained the key driver as growth in new export orders was well below that of total new business inflows.

Official figures on British manufacturing, which painted a gloomier view than the PMI surveys for much of this year, have also now started to show improvement.

Greater output also led to an accumulation in post-production inventories, the survey found.

In a sign that the solid upswing is pushing up inflationary pressure due to capacity constraints and record delivery delays, output prices in manufacturing rose the fastest in six-and-half years, the PMI survey showed.

Rising costs were commonly associated with higher prices paid for imported raw materials, with demand for inputs exceeding supply.

Last week, Britain's official budget forecasters slashed their forecasts for economic growth in the coming years as they turned more pessimistic about the outlook for productivity, the Achilles heel of Britain's economy.