Markit US Manufacturing PMI Weakens in August

Sep 02, 2017, 00:58
Markit US Manufacturing PMI Weakens in August

There was strong expansion in new orders growth while production increased at the fastest pace for 7 months.

The Markit UK PMI manufacturing index strengthened to 56.9 for August from an upwardly-revised 55.3 the previous month.

The data assumes significance as it comes a day after the government data showed the country's economic growth slipping to a three-year low of 5.7 per cent in April-June, primarily due to headwinds from the manufacturing sector.

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A rebound in manufacturing sector bodes well for a higher GDP growth rate in the current July-September quarter.

China's factory activity gathered steam in August, official data showed on Thursday, beating expectations, but not dispelling concerns about the headwinds facing the world's second largest economy.

The Nikkei/Markit Purchasing Managers Index unexpectedly rose to 51.2 in August from July's contraction of 47.9, marking the biggest monthly jump in more than five years, according to a Reuters report. Purchase price inflation accelerated for the first time in seven months during August. 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.

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"Alongside the weight of good news, the recent lift in the value of the Australian dollar is dampening the outlook for sales growth both in export and the domestic markets".

Prime Minister Narendra Modi scrapped high value currency notes a year ago in a bid to fight corruption and wipe out black money.

The Brexit-hit pound was pinpointed as key factor in attracting foreign buyers to British products, with firms seeing new export work from mainland Europe, USA, China and Australia.

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Input prices had risen at the fastest pace since March because of supplier shortages and transportation problems, the release said.

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