FX.co ★ UK Manufacturing Back in Expansion Territory

In November 2025, the S&P Global UK Manufacturing PMI increased to 50.2, up from 49.7 in October, aligning with preliminary forecasts and marking its first venture above the neutral 50.0 threshold since September 2024. This rise indicates a positive shift in the sector. The growth in output persisted for a second straight month, bolstered by stronger domestic demand and a slower decline in export orders. Notably, new orders showed stabilization after a 13-month period of contraction. The majority of production growth was observed in large enterprises and the investment goods sector, whereas output in the consumer and intermediate goods categories experienced a downturn. Employment figures continued to fall, influenced by cost-saving strategies, non-replacement of departing workers, and uncertainties surrounding the upcoming Autumn Budget. In terms of pricing, input cost inflation reached its lowest rate since October 2024, and for the first time in over two years, factory gate prices witnessed a decrease. Business confidence surged to a nine-month peak, with 56% of manufacturers anticipating increased output in the coming year.