Malaysia's manufacturing PMI posts sharpest fall in 3 months

02 November, 2017, 01:07 | Author: Manuel Hopkins
  • India's manufacturing activity loses steam in October on GST bite

Production and new order volumes benefited from strong domestic demand and rising export inflows, while price pressures grew as input costs rose at the fastest pace in seven months to lead to the steepest rate of selling price inflation since April.

Growth in India's manufacturing sector lost momentum in October. This indicated a broad stagnation in the health of the manufacturing sector during October.

Sterling also rose 0.3% versus the euro to 1.143, marking its highest level against the eurozone currency since early June. Behind the positive start to the final quarter of 2017 are strong domestic market conditions and increasing export business, with the sterling exchange rate likely to be the most significant contributory factor. This marks the 15 consecutive month of growth for United Kingdom manufacturing and a welcome improvement on the previous month's performance.

However, production rose at a solid clip thanks to an otherwise broad based expansion of sub-categories in the manufacturing sector including intermediate and investment goods producers. Where an increase in output was registered, this was mainly due to rising intakes of new business. The rate of payroll growth was modest and broadly unchanged from September's recent high.

Despite a positive outlook and continued growth for United Kingdom manufacturing, cost pressures continue to build. Selling price inflation is now at the highest level for six months and input costs are rising at the fastest for seven months.

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The rise came amid higher demand for raw materials, which was compounded by supply-chain constraints.

United Kingdom manufacturing activity and input prices both increased more than expected in October, a survey revealed on Wednesday, which was felt likely to increase the Bank of England's confidence about raising interest rates and its concerns about inflation. In response to subdued demand conditions, both purchasing activity and pre-production inventories decreased.

Rob Dobson, director of IHS Makit, said that annual input price inflation is now "moving back into double-digit rates, which may feed through to high pressure on consumer prices in coming months".

Also, according to a latest Reuters survey, India's economy might grow at its slowest pace in four years in the current fiscal year.

Economist Andrew Wishart at Capital Economics said the recent rise in oil prices was the cause of input prices picking up.

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