Investing.com – British manufacturing activity expanded at a faster-than-expected rate in April, as a survey showed on Tuesday.
The seasonally adjusted Markit/CIPS U.K. manufacturing purchasing managers' index hit 58 during the month, its highest level since September 1994, the market research group Markit said.
April's reading came after one of 57.3 in March, whose figure was upwardly revised from 57.2. Economists had expected April's reading to come in at 57.5.
In a report, Markit said: "Underpinning the latest rise in output was the sharpest growth in total new business since January 2004 and a series record increase in new export orders."
Following the release of the data, sterling was down against the U.S. dollar, with GBP/USD shedding 0.42% to hit 1.5183.
The seasonally adjusted Markit/CIPS U.K. manufacturing purchasing managers' index hit 58 during the month, its highest level since September 1994, the market research group Markit said.
April's reading came after one of 57.3 in March, whose figure was upwardly revised from 57.2. Economists had expected April's reading to come in at 57.5.
In a report, Markit said: "Underpinning the latest rise in output was the sharpest growth in total new business since January 2004 and a series record increase in new export orders."
Following the release of the data, sterling was down against the U.S. dollar, with GBP/USD shedding 0.42% to hit 1.5183.