The IHS Markit Manufacturing PMI at November came in at 56.3 consistent with the sharp expansion seen in recent months. Although lower than October’s 58.9- a decadal high- it did indicate that the momentum in manufacturing is intact. With a marked increase in export orders in November, things look bright on the external trade front too, say experts.
While the latest PMI highlighted a strong improvement in business conditions, there were slower increase in factory orders, exports, buying levels and output. Meanwhile, Covid-19 restrictions caused a further drop in payroll numbers, input costs and output charges rose at accelerated rates that have nevertheless remained below their respective long run averages.
All the three broad areas of the manufacturing industry recorded expansion, with growth led by consumer goods which was the only sector to see a stronger rate of increase.
