Wednesday, 13 December, 2017

India factory activity unexpectedly expands in August as orders bounce back

China Factory Growth Accelerates, Service Industries Slip Manufacturing PMI goes boom!
Juana Turner | 02 September, 2017, 00:31

The data showed production rose at its steepest pace in seven months, with growth in output, new orders, employment, suppliers' delivery times and stocks of purchases.

The Nikkei India Manufacturing Purchasing Managers' Index (PMI), which is a composite indicator of manufacturing performance, stood at 51.2 in August, up from the index reading of 47.9 reported in July - signalling "a renewed improvement in the health of the sector".

Market forces continued to be supportive of the sector this month, as purchasing activity was strong, more jobs created and new orders rose across all three sectors, for companies large and small.

In China, manufacturing activity accelerated to a six-month high, buoyed by the sharpest increase in new export orders in seven years and higher prices, a private survey showed.

Taiwan's manufacturing survey saw the fastest growth in four months, while South Korea's exports beat expectations and posted their longest run of growth in nearly six years. Readings above the 50 threshold indicate improving business conditions for manufacturers.

New contracts predominately came from the domestic market, although exports remained strong, if down on July's near-record high.

"After a loss of momentum in fiscal year (FY) 2016, IHS Markit forecast the Indian economy to recover marginally in FY 2017, with real GDP growth expected at 7.3 per cent", Lima added. Non-metallic mineral products (72.3 points) and wood & paper products (71.1 points) expanded very strongly in August due to local demand from the building industry and from food manufacturing and processing (for packaging products). While overall economic growth slowed in the first half as consumer spending stalled, some Bank of England policy makers are calling for an interest-rate increase to keep a lid on above-target inflation.

Although August's mark is still above 50, "the decline in the PMI shows signs of a renewed stuttering of the manufacturing economy", said Chris Williamson, IHS Markit chief business economist.

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