China manufacturing growth accelerates in November

Chinese manufacturing posts weakest reading in five month in private survey

This is the best performing since the height of the dot-com boom over 17 years ago and Markit reported that growth of output and new orders climbed to multi-year highs and supported survey-record job creation. "Underlying data indicated that the central bank is less likely to adopt an accommodative stance as input cost inflation intensified to the fastest since April", the report said.

The Markit/CIPS manufacturing purchasing managers' index rose to 58.2 from October's 56.6, which was revised up from 56.3.

Rob Dobson of IHS Markit, which compiles the PMI survey, told media that manufacturing now seemed to be rising at a quarterly rate of 2 per cent "providing a real boost to the pace of broader economic expansion".

Anecdotal evidence suggested that strong economic conditions, promotional activities and greater client demand had continued to sustain order book growth. 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.

Additional manpower enabled companies to adjust to increased workloads, resulting in a further decline in backlogs.

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"Further rises in purchasing activity and inventories also point to the current expansion continuing and possibly accelerating in December", he added.

Firms also said that they were replenishing stocks as well as building up buffers in anticipation of higher demand.

A broadening of price pressures represented a downside in the latest PMI, with factories facing extra costs from supply chain bottlenecks, overtaking sterling's weakness as the main driver of price increases.

In a sign that the solid upswing is pushing up inflationary pressure due to capacity constraints and record delivery delays, output prices in manufacturing rose the fastest in six-and-half years, the PMI survey showed.

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

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