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UK Manufacturing Sector Grows Faster Than Expected in November

- The UK manufacturing sector expanded at a faster rate than expected in November, easing concerns over the economy.

Research group IHS Markit reported that its Purchasing Managers’ Index for the UK manufacturing sector, rose to 58.2 in November, its highest level since August 2013.

Economists had predicted a reading of 56.5, from October’s rate of 56.6, which was revised up from 56.3.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

There was a surge in demand for UK investing goods as capital spending increases, said Rob Dobson, director at IHS Markit.

“The breadth of the rebound is also positive, with growth strengthening across the consumer, intermediate and investment goods industries," he said. "Of real note was a surge in demand for UK investment goods, such as plant and machinery, with new orders for these products rising to the greatest extent in over two decades. This suggests that capital spending, especially in the domestic market, is showing signs of renewed vigour."

GBP/USD was trading at 1.3498, up from around 1.3492 ahead of the release of the data, while EUR/GBP was at 0.8826 from 0.0.8831 earlier.

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