UK manufacturing growth at 3-year highStaff Writer | May 3, 2017
British manufacturing activity expanded at the sharpest pace in three years in April, survey results from IHS Markit and Chartered Institute of Procurement & Supply showed Tuesday.
Britain IHS Markit and Chartered Institute
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. ■