U.K. March manufacturing PMI hits 10-month high ** *PIC*

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U.K. March manufacturing PMI hits 10-month high (by Barbara Kollmeyer)

MADRID (MarketWatch) -- The U.K. manufacturing Purchasing Managers Index rose to a 10-month high in March, but conditions in the sector remain difficult overall, according to a Markit/Chartered Institute of Purchasing & Supply survey released on Monday. The March PMI rose to 52.1 from a revised 51.5 in February. The February reading had initially been reported at 51.2. The survey said manufacturing in the U.K. accelerated at the end of the first quarter, with output and new orders expanding, but the output rise was "heavily supported" by a depletion in backlogs of work and record inventory building. Meanwhile, cost-inflation pressures are intensifying owing to higher oil and metal prices.

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