Investing.com - Manufacturing activity in the U.K. improved in April, but remained in contraction territory for the third consecutive month, industry data showed on Wednesday.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 49.8 in April from a reading of 48.6 in March.
Analysts had expected the manufacturing PMI to dip to 48.5 in April.
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, “With forward-looking indicators such as new orders and the demand-to-inventory ratio also ticking higher, the sector should at least be less of a drag on broader GDP growth in the second quarter.”
Following the release of the data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.33% to trade at 1.5583.
Meanwhile, London’s FTSE 100 remained higher, climbing 0.3%.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 49.8 in April from a reading of 48.6 in March.
Analysts had expected the manufacturing PMI to dip to 48.5 in April.
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, “With forward-looking indicators such as new orders and the demand-to-inventory ratio also ticking higher, the sector should at least be less of a drag on broader GDP growth in the second quarter.”
Following the release of the data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.33% to trade at 1.5583.
Meanwhile, London’s FTSE 100 remained higher, climbing 0.3%.