Thursday, 21 November, 2019

UK Markit August mftg PMI SA 56.9 vs 55.0 exp

German data showed that energy and food costs were the main drivers of inflation in August but that shouldn’t keep people away from the steins of beer at the Oktoberfest UK Markit August mftg PMI SA 56.9 vs 55.0 exp
Debra Rodriguez | 02 September, 2017, 01:07

Sustained growth in new orders led firms to expand their production schedules again in August. Growth in new export business and new work were both "robust", Markit said.

"(The) survey showed growth moving broadly sideways, maintaining the recent positive trend of improvement in the health of the manufacturing sector", said Paul Smith, senior economist at IHS Markit, which compiles the survey.

The manufacturing Purchasing Managers' Index rose to 57.4 in August, in line with flash estimate, from 56.6 in July and equaling June's 74-month high. Demand from overseas also lagged, with new export orders slipping to 50.9 from 52.7. The top export markets included mainland Europe, the USA, Australia and China, thanks in part to the relative weakness of the sterling exchange rate. While overall economic growth slowed in the first half as consumer spending stalled, some Bank of England policy makers are calling for an interest-rate increase to keep a lid on above-target inflation. However, nearly 31% of companies said they experienced an increase in the price of materials required for their operations, generally linked to the rising cost of commodities.

As well, copper is now at three-year highs having put on 7 per cent last month, while aluminium, nickel and zinc prices have been rising at their fastest monthly pace in five years. The FTSE 100 was marginally higher at the start of the new month, and in midmorning trading stood at 7428.

US Factory-Sector Activity Hits Six-Year High
Nine of the ten index components grew, while the customers' inventories index contracted for the second consecutive month. It may not be the largest share of the United States economy, but the manufacturing sector is on fire.

Still, he said he was encouraged by signs of improved domestic demand.

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.

"With the eurozone PMI hovering at a seventy four month high and sterling hitting eight-year lows last month, the buoyant demand picture seen across manufacturing supply chains is not surprising".

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