UK Markit Oct mftg PMI SA 56.3 vs 55.9 exp

UK Markit Oct mftg PMI SA now out 1 Nov

  • 56.0 prev revised up from

GBPUSD currently back up to 1.3308 after dipping from 1.3311 session highs to 1.3283 into the data. EURGBP 0.8742 from 0.8752
The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

All relative in the UK economy where 80% of GDP comes from the services sector.
Says Markit:

  • The UK manufacturing sector started the final
    quarter of the year on a solid footing. Production
    and new order volumes continued to rise at robust
    rates, as companies benefited from strong
    domestic market conditions and rising inflows of
    new export business.
  • Price pressures remained
    elevated, however, with rates of inflation in input
    costs and output charges both accelerating and
    staying well above historical series averages.
  • The expansion was broad based
    by sub-sector, with consumer, intermediate
    and investment goods producers all registering
    output growth.

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