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Manufacturing grew more than expected in November

02 December, 2017

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China's official manufacturing purchasing managers index (PMI) came in at 51.8 in November, accelerating from 51.6 in the previous month, according to the National Bureau of Statistics (NBS), which released the data jointly with government-linked industry group the China Federation of Logistics and Purchasing.

Sterling rose briefly against the dollar after the PMI showed surging orders at home and from Europe's recovering economy.

Overall it added to signs that manufacturing could be a bright spot next year, when the slowdown in the overall economy is likely to deepen as Britain approaches its departure from the European Union in March 2019.

The U.K. economy has slowed markedly this year as inflation, which accelerated sharply after the pound's steep post-Brexit depreciation, began to outpace wages and squeeze consumers-a key engine of growth.

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"Firms increased their purchasing sharply in order to support demand, leading to a record increase in their input stocks and further substantial pressure on supply chains".

Looking at margins, the rate of input cost inflation quickened to a seven month high, with this latest rise attributed to increased raw material costs, including for aluminium, paper and plastics.

A PMI survey of the services sector is due to be published on Tuesday. Readings above 50 signal an expansion while readings below 50 signal a contraction. Improved production processes and sub-contracting also contributed.

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

India's factory activity quickened in November at the fastest pace since just before the government's surprise cash clampdown late a year ago, driven by a surge in new orders, a business survey found.

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