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The UK’s manufacturing sector continued to deteriorate in November, but a survey reading rose to its highest level since April, new data on Friday showed.
The latest S&P Global/Chartered Institute of Procurement & Supply manufacturing purchasing managers’ index rose to 47.2 points in November from 44.8 in October. The reading was below the flash reading of 47.9 points, however.
This marks the third successive month the PMI score has risen, reaching its highest point since April. However, it remained below the 50-point no-change mark.
S&P said that November saw all five of the PMI components remain at levels consistent with a deterioration in operating conditions, albeit to lesser extents than in the prior survey month. The five components are new orders, output, employment, suppliers’ delivery times and stocks of purchases.
Rob Dobson, director at S&P Global Market Intelligence, said: ‘Although the downturn in production eased sharply in November, the latest PMI report brings little festive cheer when the finer details are considered. With new order inflows and exports continuing to fall sharply, and clients destocking, a sustained meaningful growth revival still looks elusive. Manufacturers are preparing for tough times ahead, with their continued caution leading to cutbacks in staffing, inventories and purchasing.’
The PMI is compiled using the responses of a survey sent to 650 manufacturers in the UK, with responses collected between November 9 and 27.
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