Our regular roundup of the key economic indicators.
Industrial production increased only marginally (0.1%) in October, according to official data, in line with consensus expectations. This was a slight improvement from September, when output was flat.
The monthly increase in total production was driven by non-manufacturing sectors with output in mining & quarrying, electricity & gas, and water & waste management all increasing over the previous month. However, in the core manufacturing sector, output fell by 0.4%, though this followed a mild recovery in activity during September (0.9%) and August (0.4%).
Meanwhile, the UK composite PMI survey indicated that growth was broadly steady in November (55.8, ticking up slightly from 55.4 in October). While decent, this remains below the somewhat stronger PMIs seen in the first half of this year. The CBI’s growth indicator also showed steady, and relatively modest, growth in November.
The sectoral PMIs showed growth in the services sector strengthened and construction activity rose solidly, albeit slowing somewhat on the previous month. Meanwhile, manufacturing growth eased, aligning more closely with the weaker picture painted by our Industrial Trends Survey and anecdote from our members.
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