Investing.com - Manufacturing activity in the U.K. expanded at the fastest rate in seven months in February, easing concerns over the country’s economic outlook, industry data showed on Monday.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 54.1 last month from a reading of 53.1 in January. Analysts had expected the index to inch up to 53.4 in February.
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, “Output is now rising at a quarterly pace close to 0.5% and job creation is running at a rate of five thousand new positions filled per month. This reinforces the picture of a broader growth revival in the U.K. so far in the opening quarter."
GBP/USD was trading at 1.5417 from around 1.5404 ahead of the release of the data, while EUR/GBP was at 0.7264 from 0.7269 earlier.
Meanwhile, European stock markets remained mixed in subdued trade. London’s FTSE 100 tacked on 0.3%, the EURO STOXX 50 rose 0.1%, France's CAC 40 dipped 0.2%, while Germany's DAX advanced 0.25%.
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U.K. manufacturing PMI rises to 7-month high in February
Published 03/02/2015, 04:32 AM
Updated 03/02/2015, 04:32 AM
U.K. manufacturing PMI rises to 7-month high in February
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