Details of the October 2015 UK Markit CIPS manufacturing PMI data report 2 November 2015
- Prior 51.5
- New orders 56.9 vs 52.9 prior
- Exports the strongest since August 2014
- Prices hold below 50 on both the input and output side
BOOM! A very good number for UK manufacturing which is up to a 16 month high. New orders at their highest since July 2014
GBPUSD knocking on the 1.5500 door
Markit says the data would be consistent with a quarterly growth rate of around 1%. Employment also grew, particularly among large scale producers
David Noble at CIPS enthused about the great pickup in exports;
"The sector rode on the crest of an exports market wave taking full advantage of the opportunity to create a surge of output growth and new orders.
Though domestically orders were still strong, it was export orders primarily from the Middle East, East Asia and the USA, that supported this expansion of work. Larger corporates were the overall winners more able to meet the demands of the overseas markets and employing more staff, as SMEs lagged behind with little change.
With global raw material prices on a continuing downward path, purchasers increased their levels of stocks at a rate not seen for almost five years. So, if other sectors follow suit, there will be more conviction that UK economic recovery is at last ongoing and sustainable."
UK manufacturing PMI
