New orders push factory PMI up in August

02 September, 2017, 00:48 | Author: Garry Little
  • Markit US Manufacturing PMI Weakens in August

The sub-index for new orders rose to 58.2 from 56.4 in July, posting its highest level since April this year.

China's manufacturing sector has been posting solid growth thanks to domestic infrastructure spending and a recovery in exports.

United Kingdom manufacturing activity surged in August, according to data released by IHS Markit Friday, with sentiment among businesses across the industry hitting a three year peak during the recent month.

After the slump in July, factory output grew unexpectedly in August to bring the country's manufacturing sector back into growth zone on surge in new business orders after the GST-related contraction in July, the monthly PMI survey showed. Efforts to reduce costs led many manufacturers to cut payroll jobs, but the pace of firings was the lowest in three months. This was highlighted by the sharpest increase in export sales since March 2010.

At Long Last, Sean Spicer Gets to Meet Pope Francis
And many commentators said they felt bad for Spicer, who attends Mass regularly and would have been deeply moved to meet the Pope. Spicer, who is Catholic, was serving as US President Donald Trump's press secretary when Trump travelled to the Vatican in May.

Manufacturers remained optimistic regarding the production outlook for the next 12 months amid expectations of better economic conditions, greater investments and business expansion plans underpinning confidence.

"The survey data suggest that the manufacturing economy remains in good health despite Brexit uncertainty, and should help support on-going growth in the economy in the third quarter, which will add fuel to hawkish policymakers' calls for higher interest rates", said Rob Dobson, Director, IHS Markit.

The manufacturing PMI rose by 0.5 points to 51.6 in August, the second highest reading of activity this year and the third consecutive month it has expanded after a period of softness earlier in the year.

Input prices increased at a faster pace for the first time in 7 months while there was a slight slowdown in the rate of increase for output prices. "Having endured years of economic malaise, the latest data will be music to the ears of many concerned with Greek manufacturing", said IHS Markit economist Alex Gill.

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