Investing.com - Manufacturing activity in the U.K. expanded at the fastest pace since March 2011 in July, easing concerns over the country’s economic outlook, industry data showed on Thursday.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 54.6 in June from an upwardly revised reading of 52.9 in June.
Analysts had expected the manufacturing PMI to ease down to 52.8 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said, “Today’s data provide positive news across the growth, prices and jobs fronts, as manufacturing output and new orders expanded at the fastest rates since February 2011.”
He added that, “It is unlikely that the Bank of England’s MPC will announce any substantive change in policy direction at today’s press conference on the back of these numbers, preferring instead to wait and see if the broader economic recovery takes a firmer hold.”
Following the release of the data, the pound was lower against the U.S. dollar, with GBP/USD shedding 0.13% to trade at 1.5189.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.4%, France’s CAC 40 added 0.2%, Germany's DAX advanced 0.7%, while London’s FTSE 100 tacked on 0.2%.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 54.6 in June from an upwardly revised reading of 52.9 in June.
Analysts had expected the manufacturing PMI to ease down to 52.8 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said, “Today’s data provide positive news across the growth, prices and jobs fronts, as manufacturing output and new orders expanded at the fastest rates since February 2011.”
He added that, “It is unlikely that the Bank of England’s MPC will announce any substantive change in policy direction at today’s press conference on the back of these numbers, preferring instead to wait and see if the broader economic recovery takes a firmer hold.”
Following the release of the data, the pound was lower against the U.S. dollar, with GBP/USD shedding 0.13% to trade at 1.5189.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.4%, France’s CAC 40 added 0.2%, Germany's DAX advanced 0.7%, while London’s FTSE 100 tacked on 0.2%.