UK Manufacturing Growth Improves Less Than Expected
British manufacturing growth improved less-than-expected in March, though slightly, survey figures from Markit Economic showed Friday.
The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index for manufacturing rose to 51.0 in March from February's 34-month low of 50.8. Economists had expected the index to climb to 51.2.
Any reading above 50 indicates expansion in the sector.
In March, output growth unchanged from previous month's 7-month low. New orders increased on the back of improved domestic demand.
At the same time, new export orders dropped for the third straight month in March. Employment level in the sector also declined for the third month in a row.
On the price front, input prices continued to fall in March. Manufacturers cut their selling prices slightly in response to increased competition.
"Though the overall index showed a rise, the marginal increase will fuel concerns around strong supply chain continuity and any further impacts from major economic challenges such as the results of the Brexit vote," David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply,said.
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