Poland Manufacturing Growth Strongest In 9 Months

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The Caixin China General manufacturing purchasing manager index dipped to 50.8 in November from 51 in October - critically remaining above the 50-level that indicates growth.

"New orders, exports and employment all rose at rates close to the fastest ever recorded by the survey, to underline what is an extraordinary spell for goods producers and the labour market alike", Smith added.

Activity in the United Kingdom manufacturing sector picked up in November, hitting its highest level since August 2013, according to data released on Friday. Readings above 50 signal an expansion while readings below 50 signal a contraction. "The IMF's latest projections show global economic growth accelerating to a seven year high of 3.7pc in 2018, so given the extent to which the Irish economy is leveraged to worldwide developments we believe that manufacturers here are right to feel confident about the future", Mr O'Sullivan said. Solid domestic demand and steeper gains in new export business underpinned the improvement.

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

Greater output also led to an accumulation in post-production inventories, the survey found.

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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.

Output charges also continued to rise at a substantial clip, the fastest for seven months and among the highest during the past six-and-a-half years.

To protect profit margins, firms raised selling prices to pass on higher costs to their customers.

"On its current course, manufacturing production is rising at a quarterly rate approaching 2%, providing a real boost to the pace of broader economic expansion", said Rob Dobson, director at IHS Markit, which compiles the survey.

There were indications, meanwhile, that suggested the upturn would gather pace in December.