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United Kingdom manufacturing still on the up
03 October 2017, 02:23 | Kenneth Drake
The Markit/CIPS UK Manufacturing purchasing managers' index (PMI) showed a reading of 55.9 last month, down from 56.7 in August and coming in below economist expectations of 56.2. This is a little lower than the 56.7 from August, as growth slowed somewhat for September, but results for the sector are still above average, and both domestic and worldwide demand remains strong.
However, September's reading still marked the 14th straight month of rising production, thanks in part to new business, with companies reporting "solid" demand from both domestic and overseas markets.
The latest IHS Markit/CIPS Manufacturing Purchasing Managers' Index (PMI) posted a figure of 55.9 in September 2017, as expansion in the United Kingdom manufacturing sector continues. Both input and output costs are rising at a greater rate ad this has again increased vendor lead times to the longest for nearly six and a half years.
Growth in the UK's manufacturing sector slowed slightly in the third quarter of the year as costs rose on the back of higher inflation.
The weak pound was cited by some firms for helping to boost exports, though its impact has diminished compared to earlier this year.
"Exports remain a bright spot, however, still rising at one of the strongest rates over the past six-and-a-half years". Quantities of purchases increased amid reports of efforts to replenish stocks in line with forecasts of further improvements in demand.
"This will depend on factors such as actual fulfilment and value of orders, as well as cost pressures faced by businesses".
Canadian manufacturers indicated a solid degree of job creation in September, the report said, although the rate of employment growth eased from August's survey-record high.
The Australian Dollar Pound (AUD GBP) exchange rate advanced at the start of this week's session as Sterling was undermined by a weak Manufacturing PMI.
The survey mentioned that the increasing costs of raw materials affected the production plans of firms. "There were also reports of rising cost inflation affecting production levels".
"This appears to be reflected in the latest PMI, which, while moderately below August's result, still shows UK Manufacturing to be performing strongly".
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