Investing.com – British manufacturing activity grew in March at its fastest rate since October 1994, beating economists' expectations, a survey of purchasing managers showed on Thursday.
The seasonally adjusted CIPS/Markit Purchasing Managers’ Index rose to 57.2 in March, up from 56.5 in February, the Chartered Institute of Purchasing & Supply said. Economists had forecast the figure to come in at 57.
According to the institute, gains in production reflected improving economic conditions, increased intakes of new work and efforts to reduce backlogs.
New orders rose for the ninth month in a row during March, with the rate of expansion only slightly slower than January’s six-year peak, the institute added. It further said companies reported solid demand from both domestic and overseas markets, which they attributed to the recovery in global conditions, the launch of new product lines and clients rebuilding inventories.
Sterling was up against the U.S. dollar following the release of the data, with GBP/USD gaining 0.26% to hit 1.5224.
The seasonally adjusted CIPS/Markit Purchasing Managers’ Index rose to 57.2 in March, up from 56.5 in February, the Chartered Institute of Purchasing & Supply said. Economists had forecast the figure to come in at 57.
According to the institute, gains in production reflected improving economic conditions, increased intakes of new work and efforts to reduce backlogs.
New orders rose for the ninth month in a row during March, with the rate of expansion only slightly slower than January’s six-year peak, the institute added. It further said companies reported solid demand from both domestic and overseas markets, which they attributed to the recovery in global conditions, the launch of new product lines and clients rebuilding inventories.
Sterling was up against the U.S. dollar following the release of the data, with GBP/USD gaining 0.26% to hit 1.5224.