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Financial News: UK Manufacturing Sector Growth Improves In November

UK Manufacturing Sector Growth Improves In November

12/01/2021 - 04:48:00 (RTTNews)

(RTTNews) - The UK manufacturing sector grew at a faster pace in November despite stretched supply chains disrupting production schedule, final survey results from IHS Markit showed on Wednesday.

The Chartered Institute of Procurement & Supply manufacturing Purchasing Managers' Index rose to a three-month high of 58.1 in November from 57.8 in October. The flash reading was 58.2.

Production increased for the eighteenth month in a row in November, with the rate of expansion accelerating slightly from October's eight-month low.

The strain on supply chains also led to further substantial lengthening of average vendor lead times. Average purchase prices grew at a record pace largely due to the shortages of components.

New business continued to expand in November, underpinned by stronger market conditions, returning customers and rising client confidence. Meanwhile, the trend in new export orders worsened.

Further, the survey showed that employment grew for the eleventh straight month and at the quickest pace since August.

UK manufacturers maintained a positive outlook during November, with business optimism rising to a three-month high.

Manufacturers are facing a challenging backdrop, with rising supply chain disruptions, staff shortages and inflationary pressures stifling growth while ongoing difficulties caused by Brexit and logistical headaches restrict opportunities to expand into overseas markets, Rob Dobson, a director at IHS Markit, said.

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