Healthy demand accelerates India's October manufacturing output: PMI

Jeannie Matthews
November 3, 2018

USA manufacturing firms signalled a strong start to the final quarter of 2018, with operating conditions improving at a faster pace in October.

'October saw a worrying turnaround in the performance of the United Kingdom manufacturing sector, ' Director at HIS Markit Rob Dobson said. Job creation was the strongest since December 2017, it said, adding that businesses were able to lower their outstanding business volumes for the second straight month.

The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) for October, released on Thursday, edged up to 50.1 from 50.0 in September.

The figure stood at 50.8 in September.

Individually, foreign demand improved for the first time in five months, while output inflation jumped to a decade-high reading.

But overall new orders edged on domestic demand and production remained in positive territory.

China's manufacturing PMI was 50.2 percent this month, down 0.6 percent over last month, while the non-manufacturing business activity index was 53.9 percent in a drop of 1.0 percent, China's statistics bureau announced on its official website today.

Production levels expanded strongly in October and at a rate that was broadly in line with the series trend.

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'To see inflows of new orders first decline since the middle of 2016 following the referendum, will send shivers down the spine of business'. This is definitely not a good sign, even though new orders were at 57.4.

The industry moved up a gear in October, with growth of production, headcounts and input purchasing all gathering pace on the back of a robust and accelerated increase in new work.

Amid reports of higher prices for chemicals, energy and metals, average cost burdens increased further. "Third- and fourth-tier cities will continue to see faster consumption growth than metropolises". Inventories of finished goods and purchases both dropped in October.

The slowdown follows a similarly dismal report for euro area manufacturers earlier this month.

Analysts attributed the low PMI to slower economic expansion and the escalating US-China trade disputes and said if the situation continued to worsen, the authorities may ramp up stimulus measures to keep the economy on track.

More than 70 per cent of USA firms operating in southern China are considering delaying further investment there and moving some or all of their manufacturing to other countries as the trade war bites into profits, a business survey showed on Monday. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. The index is the sum of the percentage of "higher" responses and half the percentage of "unchanged" responses.

The composite PMI for the non-manufacturing sector grew at 57.0 points in October 2018, indicating expansion in the non-manufacturing PMI for the eighteenth consecutive month. The indices are then seasonally adjusted.

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