Sterling rises as United Kingdom manufacturing data hits highest in over four years

Manufacturing sector still faces headwinds

Manufacturing sector still faces headwinds

Survey data showed production had expanded at the fastest rate since May's 54.3, supported by the largest rise in new orders recorded in a year.

The Purchasing Managers' Index (PMI) for Turkey's manufacturing sector reached 52.9 in November amid strong demand, a closely monitored business survey revealed on December 1.

The survey was bolstered by surging orders at home and from Europe's recovering economy.

"In the fourth quarter, the economy is likely to maintain the stability observed since the start of the second half of the year".

Rob Dobson, senior economist at survey compilers Markit, said: "UK manufacturing shifted up a gear in November, with growth of output, new orders and employment all gathering pace".

"But manufacturing only makes up 10 percent of the economy, and the more domestically-focused service sector - worth around 80 percent of GDP - is probably more exposed to Brexit-related uncertainty and the inflation squeeze on household income", Hare said. PMI readings in Germany, the Netherlands, Austria and Ireland are at or near to record highs and the upswing was broad based across the Eurozone, with all countries surveyed reporting expansion for the sixth straight month.

The European Commission's gauge of British factory orders hit a 29-year high last month - but this was not enough to prevent a drop in wider economic sentiment caused by a slowdown among services firms.

The growth was driven by stronger client demand from both the domestic market and overseas customers, according to the latest Purchasing Managers Index (PMI) for the sector. Of real note was a surge in demand for United Kingdom investment goods, such as plant and machinery, with new orders for these products rising to the greatest extent in over two decades.

But price pressures represented a downside in the latest PMI. Manufacturers have seen supply-chain constraints and rising demand for raw materials overtake exchange rate effects as the primary motivator of price increases.

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