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UK manufacturing PMI surges in October - ING

FXStreet (Delhi) – James Knightley, Research Analyst at ING, notes that the UK manufacturing PMI for October has risen to 55.5 from an upwardly revised 51.8 figure in September.

Key Quotes

“This is well ahead of the 51.3 consensus estimate and is very impressive given the strength of sterling and external growth worries – note last week’s CBI industrial trends report suggested the sector was really struggling with business optimism plunging.”
“This PMI reading is the strongest for 16 months and is fuelled by a jump in new orders to 56.9. This bodes well for output and employment in the sector and suggests that 4Q GDP growth should improve on the rather disappointing 0.5%QoQ figure for 3Q15.”

“It also backs up recent positive comments from Bank of England officials and suggests at the very least one further MPC member (most likely Martin Weale) will join Ian McCafferty in voting for an interest rate rise on Thursday.”

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