Investing.com - Manufacturing activity in the U.K. in November expanded at the fastest rate since February 2011, fuelling optimism over the country’s economic outlook, industry data showed on Monday.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.4 in November from a reading of 56.5 in October.
Analysts had expected the manufacturing PMI to ease down to 56.0 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said, “The sector is on course to beat the 0.9% increase in output seen in the third quarter, with the quarterly pace of growth so far in the final quarter tracking comfortably above the 1.0% mark.”
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.27% to trade at 1.6415, compared to 1.6387 ahead of the data.
Meanwhile, European stock markets remained mixed. The EURO STOXX 50 fell 0.15%, France’s CAC 40 dipped 0.1%, Germany's DAX tacked on 0.2%, while London’s FTSE 100 dipped 0.3%.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.4 in November from a reading of 56.5 in October.
Analysts had expected the manufacturing PMI to ease down to 56.0 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said, “The sector is on course to beat the 0.9% increase in output seen in the third quarter, with the quarterly pace of growth so far in the final quarter tracking comfortably above the 1.0% mark.”
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.27% to trade at 1.6415, compared to 1.6387 ahead of the data.
Meanwhile, European stock markets remained mixed. The EURO STOXX 50 fell 0.15%, France’s CAC 40 dipped 0.1%, Germany's DAX tacked on 0.2%, while London’s FTSE 100 dipped 0.3%.