-
U.K. Domestic Demand Drives Factory Pickup as Exports Stall
U.K. manufacturing expanded less than economists forecast in May as producers struggled to attract demand from foreign markets. A factory Purchasing Managers’ Index rose to 52 from a revised 51.8 in April, Markit Economics said Monday. Economists had forecast an increase to 52.5 from a previous reading of 51.9. A reading above 50 indicates expansion. The report highlights Britain’s reliance on domestic demand while an economic recovery has yet to gain momentum in Europe, its biggest trading partner. Data last week showed exports dragged down activity in the first quarter, with net trade knocking 0.9 percentage ... (full story)