Tuesday, 24 October, 2017

Manufacturing PMI dips in September

Australia - Australian Industry Group Manufacturing PMI (September) 54.2 (prior 59.8) Indonesia's Manufacturing Activity Growth Slows in September
Juana Turner | 03 October, 2017, 02:23

The Pound is treading water in early trading Monday as markets await September's reading of Britain's industrial pulse, the IHS Markit manufacturing PMI, which is expected to show activity among United Kingdom manufacturers cooling a touch during the month.

The Purchasing Managers' Index, or PMI, climbed to 56.6 in September from 54.9 in August.

Readings above 50 denote expansion while those below that mark point to contraction.

- Production contracted marginally in September after having increased in August for the first time in three months.

The report noted that "September data showed that output volumes rose at the weakest rate since the survey started in January 2016", blaming "a softening sales trend", reduced overtime work, input shortages and rising cost of raw materials.

Positive outlook Confidence in United Kingdom manufacturing is also high, with over 51 percent of manufacturing companies surveyed expecting further growth in production over the next 12 months.

However, September's reading still marked the 14th straight month of rising production, thanks in part to new business, with companies reporting "solid" demand from both domestic and overseas markets.

Some firms reported an ongoing boost from the weak pound, although this was less prominent than earlier in the year. A longer colder winter reportedly contributed to increased demand for heating equipment.

The growth of new export business remained among the best registered over the past six-and-a-half years.

"This will depend on factors such as actual fulfilment and value of orders, as well as cost pressures faced by businesses". This reflected a combination of rising commodity prices, the exchange rate, and increased supply-chain pressures.

IHS Markit's Nikkei Philippine Manufacturing PMI report released Monday showed that production PMI in September stood at 50.8 from a record low of 50.6 in August.

"The weak peso continued to pose a problem for manufacturers".

"This will likely exert further upward pressure on prices, dent profitability and potentially disrupt production schedules in coming months", he added.

The PMI rose to a seasonally adjusted 55.0 last month from 54.6 in August.

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