The UK’s economic recovery gained further traction in November as both the construction and manufacturing sectors posted strong growth, according to purchasing managers’ index (PMI) data.
According to data provider Markit the UK construction sector saw its output and its employment rise at the sharpest rate in more than six years in November. The Markit UK construction PMI hit 62.6 - where 50 indicates no change - the seventh straight month of positive readings.
Markit said housebuilding led the strong growth in the construction sector, registering the fastest growth in a decade.
“Anecdotal evidence from survey respondents widely pointed to more favourable business conditions in November, with rising confidence in the economic outlook and improving credit conditions helping to boost spending across the construction sector,” the data provider said.
“As a result, volumes of new work increased at a strong and accelerated pace, with the latest rise in new orders the joint-sharpest for just over six years.”
Similar PMI data for the manufacturing sector released yesterday showed job creation in manufacturing to have hit a two-and-a-half year high in November. Markit said the job creation was “broad-based” across sub-sectors and company size within manufacturing.
The Markit UK manufacturing PMI reached 58.4, the eighth consecutive month the sector has registered an expansion.
