UK manufacturing growth at 3-year high
The Markit/CIPS purchasing managers' index for the manufacturing sector climbed to 57.3 in April from March's 4-month low of 54.2.
Meanwhile, economists had expected the index to fall to 54.0. Any reading above 50 indicates expansion in the sector.
All five sub-components contributed positively to the headline index in April. Alongside the growth of output, new orders and employment, stocks of purchases also rose at a survey record rate and suppliers' delivery times lengthened.
On the price front, input price inflation eased to a nine-month low in April. Nonetheless, the rate of purchase price inflation remained elevated and above the long-run survey average.
This forced manufacturers to increase their selling prices further at the start of the second quarter. ■