The U.K. manufacturing sector growth eased in November from the recent peak achieved in the prior month, survey data from Markit showed Tuesday.
The Markit/Chartered Institute of Procurement & Supply Purchasing Managers’ Index for manufacturing fell to 52.7 in November from October’s 16-month high of 55.2.
The score was expected to fall to 53.5 in November from October’s initial reading of 55.5. Nonetheless, a reading above 50 indicates expansion in the sector.
Although the pace of growth so far is only very modest, it positions manufacturing as less of a drag on the broader economy, Rob Dobson, a senior economist at Markit, said.
“Robust service sector growth will nevertheless be needed to achieve the 0.6 percent fourth quarter GDP expansion still required to meet the 2015 growth target outlined in the Chancellor’s Autumn Statement,” he added.
Production expanded for the thirty second successive month underpinned by rising new orders. Nonetheless, output and new orders expanded at slower rates.
Further, survey showed that price pressures remained on the downside, with average input costs and factory gate selling prices both falling during the latest survey month.
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