U.K. July manufacturing PMI slips to 57.3

LONDON (MarketWatch) -- Activity in Britain's factories increased at the slowest pace in five months in July, but remained near the post-recession peak, according to the CIPS/Markit manufacturing purchasing managers index released Monday. The PMI reading fell to 57.3 in July from 57.6 in June. Economists had expected a steeper slide to 56.7. A reading of more than 50 indicates an expansion in activity, while a figure of less than 50 indicates a contraction. "U.K. manufacturing continued to boom at the start of the third quarter, with the PMI suggesting only a slight loss of momentum from the 1.6% surge in production seen in the second quarter," said Rob Dobson, senior economist at Markit.