Results of the preliminary March manufacturing PMI from Markit:
- Prior reading was 55.1
- Highest since October
- Output index at 58.2 vs 57.3 prior
- New orders at 56.4 vs 55.8 prior
- Full release
It's a solid reading compared to expectations but overall the index remains well-within its recent parameters.
Comments from Markit chief economist Chris Williamson:
"The upturn in order books in particular gives some reassurance that the pace of economic growth is likely to pick up as we move towards the summer. However, the rate of expansion in manufacturing clearly remains well below the peaks seen last year, which is largely the result of exporters struggling in the face of a strong dollar."