(RTTNews) - The Markit/CIPS U.K. manufacturing purchasing managers' index rose to fifteen-and-a-half year peak of 58 in April from 57.3 in March, survey data from the Markit Economics showed Tuesday. Economists had forecast a reading of 57.5.
A PMI reading above 50 suggests expansion in the sector, while below 50 indicates contraction. Markit said the PMI has signaled an improvement in operating conditions in each of the past seven months.
Manufacturing production increased for the eleventh month running in April, with the rate of expansion only slightly below March's fifteen-and-a-half year high.
Underpinning the latest rise in output was the sharpest growth in total new business since January 2004 and a series record increase in new export orders.
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