Published: Sat, December 02, 2017
Markets | By Noel Gibbs

Canada manufacturing growth pace little changed in November

Canada manufacturing growth pace little changed in November

Says IHS Markit director Rob Dobson: "UK manufacturing shifted up a gear in November, with growth of output, new orders and employment all gathering pace".

The survey was bolstered by surging orders at home and from Europe's recovering economy.

Overall, the survey added to signs that manufacturing could be a bright spot next year, when the slowdown in the overall economy is likely to deepen as Britain approaches its departure from the European Union in March 2019.

The Philippines' manufacturing PMI rose to its highest so far this year in November, an IHS Markit/Nikkei survey found, buoyed by solid domestic demand.

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The Eurozone manufacturing PMI was revised up to 60.1 in the final reading from 60.0 reported initially and versus 58.5 in the previous month.

"The PMI suggests the strong growth momentum in the Filipino economy has some way to go".

Official figures on British manufacturing, which painted a gloomier view than the PMI surveys for much of this year, have also now started to show improvement.

Reports also sugest that new orders for investment goods jumped at the quickest rate since 1994, and companies reported continuing support to exports from the droopy sterling exchange rate, although the report's compilers say mentions of this "were less prevalent than earlier in the year". Of real note was a surge in demand for United Kingdom investment goods, such as plant and machinery, with new orders for these products rising to the greatest extent in over two decades.

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November's reading was the second highest this year after September's 52.4 and marked the 16th straight month that the index has remained above the 50 mark that separates expansion from contraction, pointing to improved economic resilience in the world's second largest economy, experts said.

But price pressures represented a downside in the latest PMI.

Rising costs were commonly associated with higher prices paid for imported raw materials, with demand for inputs exceeding supply.

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