PMI grows to 53.7 points in September

03 October, 2017, 08:13 | Author: Regina Lloyd
  • Reuters

The British pound weakened against other major currencies in the European session on Monday after data showed that the United Kingdom manufacturing sector continued to expand in September, albeit at a slower pace compared to August.

Slower growth in Philippine manufacturing persisted as overall Purchasing Managers' Index (PMI) rose only to 50.8 in September from 50.6 in August, the second lowest in survey history.

Britain's economy initially withstood the shock of the June 2016 vote to leave the European Union.

Cost pressures return The inflationary pressures that were weighing on the industry earlier this year have come back to bite, following increasing commodity costs and volatile exchange rates, which in turn have increased challenges across the supply chain.

Analysts said Monday's survey - which showed a resurgence of price pressures - would do little to alter this judgement.

Readings above 50 denote expansion while those below that mark point to contraction.

"Despite the decrease in payroll numbers, capacity continues to be in abundance, which would weigh on hiring in the near future", Aw noted. Weak demand contributed to reduced new business and only a fractional expansion in output.




As evaluated by Nikkei, the output and number of new orders in Vietnam rose sharply in September, with the pace of job creation being at its fastest within the last six months and input prices seeing their largest increase since May 2011.

Ai chief executive Innes Willox says the recovery in manufacturing activity is continuing, but conditions appear to be moderating.

"Not only did the cheaper currency fail to provide a boost to exports, it raised the costs of imports", Aw pointed out.

The Bangko Sentral ng Pilipinas (BSP) on Friday last week estimated that inflation likely clocked 2.8-3.6% in September from August's 3.1%, while BusinessWorld's poll of 13 economists yielded a 3.2% median. Factories, he said, "are really struggling to meet demand".

Mr Willox also said that last orders were now underway for component suppliers to the Australian auto manufacturing sector, and the final impact on the overall manufacturing industry won't be known until the end of the year.

Higher new orders, and a subsequent rise in production requirements, encouraged firms to increase their purchasing activity at the end of the third quarter.

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