UK PMI Manufacturing rose to 55.2 in November, up from October’s 53.7, well above expectation of 50.5, and hit a 3-month high. PMI Services, however, dropped sharply to 45.8, down from 51.4, hitting a 6-month low but beat expectation of 42.5. The results pushed PMI Composite to 47.4, down from 52.1, a 6-month low.
Chris Williamson, Chief Business Economist at IHS Markit, said: “A double-dip is indicated by the November survey data, with lockdown measures once again causing business activity to collapse across large swathes of the economy… Some comfort comes from the data suggesting that the impact of the lockdown has not been as severe as in the spring, and manufacturing has also received a significant boost from inventory building and a surge in exports ahead of the UK’s departure from the EU at the end of the year, providing a fillip for many companies. However, while the lockdown will be temporary, so too will this pre-Brexit boost.”
