The UK manufacturing sector activity expanded less than expected in November, the final report from IHS Markit confirmed on Wednesday.
The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) was revised lower from 58.2 to 58.1 in November, missing expectations of 58.2.
Key points
Output growth edges higher as domestic order intakes rise.
New export business falls for the third straight month.
Rob Dobson, Director at IHS Markit, commented on the survey
“Although November saw rates of expansion in output and new orders gain some traction, growth remains lacklustre compared to the first half of the year.”
“Manufacturers are facing a challenging backdrop, with rising supply chain disruptions, staff shortages and inflationary pressures stifling growth while ongoing difficulties caused by Brexit and logistical headaches restrict opportunities to expand into overseas markets. New export sales fell for the third straight month.”
GBP/USD reaction
At the press time, GBP/USD is holding onto moderate gains, trading at 1.3315.
