Growth in UK manufacturing activity slows
Activity in the UK manufacturing sector increased for the 12th consecutive month in March, but the pace of increase slowed notably.
The latest Markit/CIPS Purchasing Manager's Index (PMI) eased to an eight-month low of 55.3 in March, signalling a further cooling of growth from the peaks scaled towards the end of last year.
Nonetheless, PMI still remains well above its long run average of 51.4 and has highlighted an improvement in operating conditions in each of the past 12 months.
Rob Dobson, senior economist at Markit, said: "The latest Manufacturing PMI is likely to disappoint the markets, coming in a more than a full index point below expectations, but it's important to remember that this is in the context of the super-strong, near-record growth rates seen in the second half of last year.
"Growth is merely hot rather than scorching, and the take home messages from the March survey are that the recovery remains solid and continues to drive strong job creation."
