That's down from 51.2 in September although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The lower headline index reading was partly due to a less pronounced increase in manufacturing production. The softer rise in output was in turn linked by panelists to a slowdown in new order growth in October. While better domestic demand and sales promotions had reportedly supported a fifth consecutive monthly rise in new business, subdued external demand had dampened the overall rate of growth.

New export orders fell at the quickest pace since May, which was attributed by survey respondents to rising trade uncertainty. Concerns over the outlook for growth amid greater trade uncertainty also led to a reduction in the level of optimism among goods producers in October.

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