Investing.com – Manufacturing activity in the U.K. increased unexpectedly in November, rising to the highest level since September 1994, data showed on Wednesday.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.0 in November, after rising to 54.9 in October.
Analysts had expected the manufacturing PMI to fall to 54.7 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, “The reported increase in purchasing activity based on strong new orders points to ongoing recovery and renewed confidence.”
He added, “Increased purchasing activity is also adding to input cost inflation, which is likely to continue rising for the foreseeable future.”
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.39% to hit 1.5624.
Meanwhile, European stock markets posted sharp gains. The FTSE 100 jumped 0.93%, the EURO STOXX 50 rallied 1.13%, France’s CAC 40 added 0.56%, and Germany's DAX surged 1.09%.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.0 in November, after rising to 54.9 in October.
Analysts had expected the manufacturing PMI to fall to 54.7 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, “The reported increase in purchasing activity based on strong new orders points to ongoing recovery and renewed confidence.”
He added, “Increased purchasing activity is also adding to input cost inflation, which is likely to continue rising for the foreseeable future.”
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.39% to hit 1.5624.
Meanwhile, European stock markets posted sharp gains. The FTSE 100 jumped 0.93%, the EURO STOXX 50 rallied 1.13%, France’s CAC 40 added 0.56%, and Germany's DAX surged 1.09%.