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Markit Economics released its manufacturing purchasing managers' index (PMI) for the U.K. on Monday. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. increased to 52.0 in May from 51.8 in April, missing expectations for a rise to 52.5. April's figure was revised down from 51.9.

 

 

A reading above 50 indicates expansion.

 

 

The increase was driven by rises in output and new orders.

 

 

"Expectations of a broad rebound in UK economic growth during the second quarter of the year are called into question by these readings. Manufacturing looks on course to act as a minor drag on the economy, as the sector is hit by the combination of the strong pound and weak business investment," Markit's Senior Economist Rob Dobson said.



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