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PMI details look a bit disappointing despite the big headline beat

UK DATA
  • So a good beat but there seem to be some concerns that manufacturing may not be sustainable as it has been boosted by pre-orders ahead of the end of the Brexit transition: "Manufacturing growth was mainly linked to a sustained recovery in production volumes after stoppages at the start of the pandemic. Survey respondents also commented on rising demand from export markets, especially in China and the EU. The latter was often linked to pre-purchasing due to Brexit uncertainty as European customers sought delivery of orders before the end of the transition period."
  • Employment also not looking great: "November data indicated that job shedding accelerated across the UK private sector, with the rate of decline in staffing numbers the steepest for three months. Lower employment was mainly attributed to redundancy measures, although some service providers also commented on the renewed use of the government furlough scheme during the latest survey period.
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