Investing.com - Manufacturing activity in the U.K. expanded at a faster rate than expected in November, as new orders picked up, industry data showed on Monday.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 49.1 in November from a revised reading of 47.3 in October.
Analysts had expected the manufacturing PMI to rise to 48.1 in November.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, “Increased output and consistency in new orders helped to steady the sector in November. However this was tempered by an acceleration in job losses and the scaling back of purchasing activity.”
Following the release of the data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.27% to trade at 1.6054.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.5%, France’s CAC 40 gained 0.6%, London’s FTSE 100 eased up 0.25%, while Germany's DAX advanced 0.5%.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 49.1 in November from a revised reading of 47.3 in October.
Analysts had expected the manufacturing PMI to rise to 48.1 in November.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, “Increased output and consistency in new orders helped to steady the sector in November. However this was tempered by an acceleration in job losses and the scaling back of purchasing activity.”
Following the release of the data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.27% to trade at 1.6054.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.5%, France’s CAC 40 gained 0.6%, London’s FTSE 100 eased up 0.25%, while Germany's DAX advanced 0.5%.