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02 November 2017, 01:04 | Melanie Burgess
UK manufacturing makes positive start to final quarter despite rising price pressures
Sterling also rose 0.3% versus the euro to 1.143, marking its highest level against the eurozone currency since early June.
Employment increased for the third consecutive month in October.
United Kingdom manufacturing likely cooled during October, according to forecasts for the latest IHS Markit Manufacturing PMI, although sector activity probably remained close to its highest level for more than six years.
Companies surveyed said they experienced new work from clients in the USA and mainland Europe as well as South America and Australia.
However, production rose at a solid clip thanks to an otherwise broad based expansion of sub-categories in the manufacturing sector including intermediate and investment goods producers.
While the bulk of new business came from domestic orders, exports continue to rise, albeit at a slower pace. This was despite solid job creation in October.
Growth is estimated to accelerate to 6.4 percent during the July-September quarter, followed by 7.1 percent and 7.7 percent over the last two quarters of the current fiscal year that ends in March, the Times of India quoted government sources as saying.
Despite a positive outlook and continued growth for United Kingdom manufacturing, cost pressures continue to build. Selling price inflation is now at the highest level for six months and input costs are rising at the fastest for seven months.
She also highlighted a positive aspect, saying that the labour market continued to improve, with manufacturers further increasing staffing, and October's activity similar to the pace seen in September's 59-month high.
However, with price pressures continuing to build, he added: "Higher demand for raw materials, combined with increased supply-chain constraints, mean annual input price inflation is moving back into double-digit rates, which may feed through to higher pressure on consumer prices in coming months".
"In response to weakening business conditions, the manufacturing sector decreased payroll numbers for the first time in four months, and at the greatest extent since August 2016. However, those manufacturers that were optimistic forecasted benefits of GST materialising over the next 12 months".
The October purchasing manager survey also found that inflationary pressures remained elevated, a growing concern for the Bank of England as it prepared for its Thursday summit on monetary policy. That said, their ability to fully pass on higher input costs was restricted due to competitive conditions.
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