Sterling rises as United Kingdom manufacturing data hits highest in over four years

China manufacturing growth slows in November PA Images

The Purchasing Managers' Index (PMI) for Turkey's manufacturing sector reached 52.9 in November amid strong demand, a closely monitored business survey revealed on December 1.

Markit says that manufacturing production expanded at the fastest pace since September 2016 and to one of the greatest extents during the past four years.

Sub-indices for production and new orders came in at 54.3 and 53.6, respectively, up from 53.4 and 52.9 last month, indicating accelerated growth in both supply and demand, according to NBS senior statistician Zhao Qinghe. Forecasts of additional economic improvements, new client wins and product diversification stimulated sentiment towards the year-ahead outlook for production.

According to the latest survey results, the UK's manufacturers have had their best month since 2013 in November.

Rob Dobson of IHS Markit, which compiles the PMI survey, told media that manufacturing now seemed to be rising at a quarterly rate of 2 per cent "providing a real boost to the pace of broader economic expansion".

"The breadth of the rebound is also positive, with growth strengthening across the consumer, intermediate and investment goods industries". Meanwhile, output prices rose at the slowest rate on three months.

External demand bounced back, with the sub-index for new export orders edging up to 50.8 from 50.1 in October. Factory gate prices rose as a effect, with the pace of charge inflation the highest since February, noted IHS Markit. "The coming months should provide greater evidence on any impact that the recent interest rate increase from the Bank of England will have on reining in cost pressures".

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