FX.co ★ UK Manufacturing Returns to Growth

The S&P Global UK Manufacturing PMI increased to 50.2 in November 2025, rising from 49.7 in October and surpassing market predictions of 49.2, according to preliminary figures. This represents the highest index level since September 2024 and indicates a revival in the manufacturing sector, as output grew for the second month in a row, supported by stronger domestic demand and a reduced drop in export orders. Importantly, new orders rose for the first time in over a year, although numerous manufacturers continued to highlight weak global demand and heightened international competition. Concurrently, employment decreased more rapidly as businesses chose not to replace departing employees amidst softer demand and policy uncertainties. On the inflationary side, input costs eased to their lowest in over a year, and for the first time since October 2023, factory gate prices fell. Business confidence experienced a slight uptick in November as well.