British manufature PMI slips to 56.0 in Oct.
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E-mail Xinhua, November 1, 2013
British manufaturing purchasing manager's index, a gauge measuring the sector's activities, declined slightly to 56.0 in October from 56.3 a month before, but still marking the sixth consecutive monthly expansion, announced Markit and Chartered Institute of Purchasing & Supply Friday.
A figure above 50.0 indicates industry expansion.
The British manufaturing sector carried its strong third quarter performance into the final quarter of the year, said Markit in its press release.
"October saw production and new orders both rise at rates above their respective long-run average, leading to further job creation," said the London-based economic research company.
Manufacturing employment climbed for the sixh consecutive month in October, data showed. The increases in output and new orders remained broad-based, with gains of both registered in all nine of the sub-catagories covered by the survey. Meanwhile, purchase price inflation in October eased further from August's two-year high.
"Despite only accounting for less than 11 percent of the economy, the current strength of growth seen in manufacturing means the sector will still provide a major boost to the economy in October," said Rob Dobson, senior economist at Markit.
Markit forecasts that manufacturing output is growing at a quarterly rate of approximately 1-1.5 percent.
"With domestic consumers' real incomes still under pressure, the manufacturing recovery may struggle to gain much more pace. But UK manufacturing remain wellplaced to benefit from growing overseas demand and a pick-up business investment," said Capital Economics, a London-based economic forecaster.
British gross domestic product (GDP) grew by 0.8 percent during the three month to September of 2013, compared to that of the second quarter, data showed by the Office for National Statistics last month. Endi
