Markit’s preliminary UK manufacturing PMI index has risen to 58.2 in November from 57.8 in October, topping the 57.3 expected by the market. This is the best reading on record in three months.
The Services PMI, Nevertheless, has regressed to 58.6 from 59.1, although it slightly improves the 58.5 points predicted by the experts.
According to the statement from IHS Markit, UK private sector companies experienced another month of rapid entry cost inflation. The last increase in the average cost burden was the fastest since this index began in January 1998, driven by higher wages and an increase in the prices paid for fuel, energy and raw materials.
Customer demand continued to rise sharply in November, despite the higher costs being passed on to customers, and the overall new order growth rate accelerated to a five-month high. Service providers reported a faster recovery in new jobs than goods producers. The moderate momentum in the manufacturing sector again reflected growth constraints due to the global supply chain crisis.
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