Tuesday, 12 December, 2017

Canada manufacturing growth cools modestly in May

GBPAUDMay30 China factory activity steady in May, services rebound
Rosalie Gross | 03 June, 2017, 01:49

India's manufacturing sector continued to grow in the month of May as Nikkei's India Manufacturing PMI stood at 51.6, however at a slower pace from 52.5 in April 2017.

Results from two surveys of the nation's purchasing executives indicate manufacturing activity in the USA during May was almost unchanged from the month before.

Chen Zhongtao, an analyst at the China Logistics Information Center, said positive factors had grown for the Chinese economy, including balanced supply and demand, better performance of companies and a good job market. Spending in the first four months of 2017 was up 5.8% from the previous year.

Investors closely watch the private Caixin Purchasing Manager's Index (PMI) - an indicator of conditions at small manufacturers - as a sign of the country's economic health each month. The ISM manufacturing activity index recorded an unexpected rise to 54.90 in May, compared to a level of 54.80 in April.

It was the lowest reading reported since June 2016.

Markit said the figure was helped by the fastest increase in residential work since December 2015, which has bounced back after a seven-month low in March. That said, rates of increase eased in both cases.

"The fall in the headline index coincided with slower increases in output and new orders, while staff numbers were cut at a quicker rate", the group said.

A pick-up in global trade early in the year has been driven by surging import demand from emerging markets, which reported stronger activity and are seeing their currencies appreciate, and by corresponding strong exports.

It's now thought manufacturing output could jump by around one per cent in the three months to July. "Looking ahead, manufacturers were optimistic about their growth prospects". Nonetheless, companies were optimistic about the stronger economy and said clients, particularly in the energy sector, were more willing to spend. There was also further evidence that the pound's weakness was helping exports by making United Kingdom goods cheaper for overseas buyers.

Activity in the United Kingdom construction sector expanded at its fastest rate in 17 months in May, boosted by a surprise rebound in homebuilding, a survey says.

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