U.K. manufacturing PMI rises to 14-month high of 51.3 in May
Investing.com
Published Jun 03, 2013 04:32AM ET
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 51.3 in May from an upwardly revised reading of 50.2 in April.
Analysts had expected the manufacturing PMI to hold steady at 50.2 in May.
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, “Following the solid growth registered by the service sector in the first quarter GDP numbers, signs that the manufacturing sector is also recovering will add further weight to the Bank of England’s decision to wait-and-see before adding to its accommodative policy stance.”
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.6% to trade at 1.5287.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 1.1%, France’s CAC 40 dropped 1.1%, Germany's DAX tumbled 1.3%, while London’s FTSE 100 fell 0.9%.
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Written By: Investing.com
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