UK Markit Oct mftg PMI SA now out 1 Nov
- 56.0 prev revised up from
GBPUSD currently back up to 1.3308 after dipping from 1.3311 session highs to 1.3283 into the data. EURGBP 0.8742 from 0.8752
The Manufacturing Purchasing Managers' Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
All relative in the UK economy where 80% of GDP comes from the services sector.
Says Markit:
- The UK manufacturing sector started the final quarter of the year on a solid footing. Production and new order volumes continued to rise at robust rates, as companies benefited from strong domestic market conditions and rising inflows of new export business.
- Price pressures remained elevated, however, with rates of inflation in input costs and output charges both accelerating and staying well above historical series averages.
- The expansion was broad based by sub-sector, with consumer, intermediate and investment goods producers all registering output growth.
Full release here
