UK’s manufacturing sector records strong growth in November
According to a new survey, the manufacturing in the UK has recorded strong growth during the month of November with rising orders and increased hiring.
The CIPS/Markit purchasing managers' index (PMI) for the month of November was recorded at 58.4, compared to a revised 56.5 recorded during the month of October. The figure of 58.4 is highest ever since February 2011 in the UK. A rating of above 50 indicates expansion and that of below 50 shows contraction.
The figure shows that the UK economy is on the path of strong recovery allowing Chancellor to be confident over his policies when he delivers 2013 Autumn Statement on Thursday. The growth in manufacturing industry was backed by increased exports to Asia, the US, Germany, France, Ireland, Belgium and the Middle East and increased activity in the home market during the month.
The survey including 350 manufacturers was conducted by the Confederation of British Industry between October 24 and November 13 and published yesterday. According to the survey, the total order books of UK manufacturers have increased to its highest level since 1995 as the firms recorded strong growth in output volumes.