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The United Kingdom’s 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.
The seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI) registered 56.3 in October, up from 56.0 in September (revised from the original reading of 55.9). The headline PMI has now signaled expansion for 15 consecutive months. Responses from the latest survey were collected between October 12-26.
UK manufacturing production rose at an identically solid pace to that registered in the prior survey month during October. The expansion was broad-based by sub-sector, with consumer, intermediate and investment goods producers all registering output growth.
"The continued robust health of manufacturing and rising price pressures will help cement expectations of the Bank of England hiking interest rates for the first time in a decade as Thursday’s announcement approaches," said Rob Dobson, Director at IHS Markit.
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