Published: Tue, October 03, 2017
Markets | By Lucia Cruz

Manufacturing PMI dips in September

Manufacturing PMI dips in September

Firms' expectations of future output growth also slipped to a four-month low.

Regionally, manufacturers in Alberta and British Columbia saw by far the steepest improvement in business conditions, IHS Markit said, while Ontario was the weakest performing area, with manufacturing production broadly unchanged. Other large sub-sectors grew at a decelerating pace this month.

Domestic demand was the main driver of the pickup in growth as new orders rose at the sharpest pace in 3-1/2 years, although new export business declined slightly in the month.

"Subdued growth of the Philippines manufacturing economy persisted at the end of the third quarter, as output expansion slowed further", the report read.

"There was better news on the hiring front, with job creation perking up to a nine-month high". As a result, the stocks of finished goods decreased for the third month running, and to the greatest extent since July 2016.

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. Both input and output costs are rising at a greater rate ad this has again increased vendor lead times to the longest for nearly six and a half years.

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That increase in demand and activity came despite firms raising prices at the fastest rate in five months, in welcome news for policymakers at the European Central Bank, which look set to announce a reduction of its asset-buying programme soon.

"A marked acceleration in the rate of input cost inflation was recorded, linked to higher prices for raw materials, including those sourced from China". That said, the rate of inflation slowed to the weakest since May and was modest. Stocks of purchases also rose, partly reflective of efforts to build inventory reserves, it added.

The soaring PMI was attributed to the growing consumption demand, which led to an increase in output, new orders and employment.

IHS Markit director Rob Dobson said: "Although it looks as if the sector made solid progress through the third quarter as a whole, the growth slowdown in September is a further sign that momentum is being lost across the broader United Kingdom economy".

"A cautionary note, though, is signalled by the re-emergence of inflationary pressures".

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