UK manufacturing PMI surprises positively in June, hits 5-month high

The manufacturing sector activity in the UK economy surprised the markets to the upside in the month of June, accelerating further into the expansion territory and hitting a five-month high.

The final Purchasing Managers' Index (PMI) in the UK jumped to 52.1 points in June, as compared to a 50.1 reading seen in May. Markets had predicted a 50.0 print.

Rob Dobson of Markit commented in the release, “The headline PMI rose to a five-month high in June on the back of improved rates of expansion in both production and new order volumes," Rob Dobson of Markit commented in the release. There were also signs that the trend in new export business was starting to pick up and a rebound in demand for capital goods – a key bellwether of broader investment spending."