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UK manufacturing growth accelerates

04 Nov 2014

The Markit/CIPS UK Manufacturing PMI (Purchasing Managers' Index) released yesterday gave a three-month high reading of 53.2, sharply up from its September 17-month low of 51.5. The reading is above the neutral mark of 50.0, indicating the UK manufacturing has now expanded for twenty consecutive months

The pick-up was driven almost entirely by domestic demand. Strong production increases were indicated in consumer goods, whilst capital goods manufacturers saw a significant gain in output volumes. Additionally, price inflation is still reported to be subdued

However, exports declined for the second straight month, with companies mentioning slower growth in the eurozone (see here) and also China.

The PMI index series are well-respected predictors of quarterly demand (see full release here), so look out for the UK Services PMI due tomorrow, as services account for around 78% of UK GDP

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