The U.K. manufacturing sector expanded at the fastest pace in five months during April, led by faster growth in output and new orders, survey data from Markit Economics showed Thursday.
The seasonally adjusted Markit/Chartered Institute of Purchasing & Supply Purchasing Manager's Index climbed to 57.3 in April from 55.8 in March, which was revised from 55.3. Economists had forecast a score of 55.4.
Factory output growth hit an eight-month high with gains across the consumer,
intermediate and investment goods sectors. New order growth climbed to its highest in three months, led by improved demand from both domestic and export markets.
Employment grew for the twelfth successive month and the pace of increase equaled February's near 3-year peak. Firms expanded capacity to met higher production in the face of rising demand.
Input prices fell for a second straight month, but the latest fall was only moderate and slower than that signaled in the previous month. Output prices rose for the tenth successive month as companies raised prices due to strong demand and efforts to improve operating margins.
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