Saturday, 20 October, 2018

Differing Views on Strength in US Manufacturing Sector for April

UK's industry see lowest growth rate for 17 months PMI reads Chinese manufacturing remains stable in April, but hints of slowing demand
Scott Davis | 03 May, 2018, 16:01

Furthermore, the report showed that the new orders index grew for the 13th consecutive month to stand at 55.8 points in April 2018, thus indicating an increase in new orders.

The Caixin-IHS Markit China Manufacturing Purchasing Managers Index (PMI) rose to 51.1 in April in seasonally adjusted terms, up from 51.0 in March.

Malaysian manufacturing conditions deteriorated for the third successive month in April due to faster declines in output and new orders.

Inflationary pressures moderated for the second month in a row, with the softest increases for input costs and output charges reported since September 2017 and July 2017, respectively, the survey said.

New business rose for the sixth consecutive month.




The poor reading in part reflected a weakening in the pace of expansion of new work from overseas, the report said, with growth of new export business hitting a 10-month low.

In particular, output and new orders declined at an accelerated pace during the month, reflecting lackluster demand from both domestic and global markets on the back of ebbing economic growth. The PMI's gauge of factory cost pressures cooled to a nine-month low, something that will be noted by BoE rate-setters who are keeping an eye on inflation pressures ahead of next week's policy decision.

Although the hi-tech manufacturing sub-index reached 53.8 percent, up 0.6 percent compared to March, there are some worries about the tech sector as the US has threatened to wipe billions of dollars off Sino-US cross border trade through the use of sanctions.

The reading for April was the weakest since March 2017. That said, the degree of positive sentiment dipped to a 16-month low, reflecting more subdued confidence in six of the nations covered (the exceptions being improved positivity in Germany and Greece). Since then, supply constraints - including raw material scarcities, supplier delivery delays and skill shortages - have constrained production. "But uncertainty in exports has increased significantly, and the dependence of the Chinese economy on domestic demand is rising", said Zhong Zhengsheng, director of Macroeconomic Analysis at CEBM Group. The contraction quickened to a solid pace that was the fastest since the end of 2017.

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