(RTTNews) - U.K.'s manufacturing sector activity growth remained at a fifteen-and-a-half year high in May, the latest survey results from Markit Economics showed Tuesday.
The Markit/CIPS Purchasing Managers' Index signaled a continuation of the solid rebound in the manufacturing sector. The index stood at 58 in May, in line with April's reading. Economists had expected the index to fall to 57.9 in May.
The manufacturing PMI stood above the no-change mark of 50 for eight consecutive months. Manufacturing output increased for the twelfth successive month, which was supported by a further robust new orders. Total new orders showed an eleventh successive month-on-month increase in May.
The survey found that employment rose for the second month in May. Average purchasing costs increased at the fastest rate since August 2008 and output prices moved up at the quickest pace since September 2008.
"Although production remains well below pre-recession levels, the sector is now recovering its losses at a surprisingly rapid pace. The PMI suggests that output growth this quarter should at least match the first quarter gain of 1.2% reported by the official figures," said Rob Dobson, senior economist at Markit and author of the UK Manufacturing PMI .
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