UK Manufacturing Continues to Post Strong Growth

The UK’s manufacturing sector picked up further in November to its strongest level for almost three years, according to a closely watched survey.

The Markit/CIPS Manufacturing Purchasing Managers’ Index (PMI) also showed employment in the sector grew.

The news adds to other recent data showing that the UK economy is putting the economic crisis years behind it.

The PMI stood at 58.4 in November, its highest since February 2011. A reading over 50 indicates growth.

October’s figure was revised up to 56.5, adding to the brighter picture for the sector.

The employment sub-index for the manufacturing sector rose to 54.5 in November, up from 51.9 in October.

Markit economist Rob Dobson said UK manufacturing companies were creating about 5,000 jobs a month.

“UK manufacturing continued to hit the high notes in November,” he added. “It looks as if the strong recovery in the sector is translating into meaningful job creation.”

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza