British manufacturing PMI hit 28-month high

British manufacturing production increased for the fourth month in July with continued new orders, said a market sensitive report jointly issued by the financial information service company Markit and the Chartered Institute of Purchasing and Supply (CIPS) on Thursday. The Markit/CIPS Manufacturing Purchasing Managers' Index (PMI) jumped to 54.6 points in July, up from a revised reading of 52.9 points in June, its fourth straight month of expansion. A PMI reading of 50 points or greater indicates expansion, while below 50 indicates contraction. The July's reading of 54.6 was the strongest since March 2011. The upturn in British manufacturing economy continued to build momentum at the start of the third quarter, with growth rates for production and new orders the highest since February 2011, said the report.