British industrial activity recovers in July

(MENAFN) According to Markit Economics, British manufacturing purchasing managers' index (PMI), a gauge of the industry's activities, rebounded to 51.9 in July from a 26-month low of 51.4 in June.

The figure was higher than the market estimates consensus of 51.5, and it has stayed above the neutral 50.0 mark in each month since April 2013. A figure above 50 suggests that the sector is growing.

But the survey compiler said the start of the third quarter saw conditions in the British manufacturing sector remain relatively subdued as it was below the average for the current sequence of growth.

New export orders declined for the fourth straight month in July, mainly as a result of the sterling-euro exchange rate hitting competitiveness in euro zone markets, stressed Markit.