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UK Factory Growth At 8-month High

British manufacturing sector expanded at the fastest pace in eight months during March on stronger growth in production and new orders that led to increased hiring, survey results from Markit Economics and the Chartered Institute of Procurement & Supply showed Wednesday.

The Markit/CIPS Purchasing Managers' Index rose to 54.4 from 54 in February, which was revised down from 54.1. The latest reading was in line with economists' expectations.

A PMI score above 50 indicates growth in manufacturing and the British factory sector expanded for the 24th consecutive month. The average reading for the first three months of 2015, at 53.8, was the best growth outcome since the second quarter of last year, the survey said.

Among different industrial groups, consumer goods remained the strongest performing sector. On the inflation front, selling prices and input costs both fell further.

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