United Kingdom manufacturing PMI falls to 17-month low of 53.9 in April

United Kingdom manufacturing PMI falls to 17-month low of 53.9 in April

The Eurozone Manufacturing PMI by London-based global data company IHS Markit posted a three-month low of 59.6 in April, said the report.

The Markit/CIPS UK Manufacturing purchasing managers' index (PMI) showed a reading of 53.9, lower than the 54.9 recorded in March.

The IHS report showed that US manufacturing operating conditions improved at the fastest rate since September 2014 and that overall output rose by the quickest pace since January 2017.

New business rose for the sixth consecutive month.

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"Panellists noted that increased competition and rising labour shortages may impact output potential over the coming 12 months".

However, the report showed that demand in the sector remained subdued, and new work increased only marginally, although employment numbers rose for the 21st month in a row.

While manufacturing conditions appear to have improved globally, Kenanga Investment Bank Bhd expects a dreary outlook for the domestic manufacturing sector as exports appear to remain weak over the first quarter (Q1) 2018. Panelists also said backlogs of work declined for the 47th consecutive month in April as there were sufficient resources to complete work in time.

USA manufacturing sector's operating conditions saw a steep rebound in April, showed the April survey data.

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He added that "price data suggests that inflationary pressures, which stem from U.S. dollar strength, subsided slightly as input cost inflation softened from one month earlier and now settled below the historical average". This was indicative of a faster improvement in the health of India's manufacturing economy than in the prior month, but pointed to a modest upturn that was weaker than the series trend.

IHS Markit said optimism among manufacturers dipped to a five-month low in April as concerns about Brexit, trade barriers and the overall economic climate remained widespread. The gain in new business was equally solid and faster than the previous survey period.

It also said that firms continued to shed staff, while inflationary pressures moderated sharply. That suggest Asia's third largest economy is in good heart as disruptions from a shock ban on high-value currency notes in November 2016 and the chaotic launch of a goods and services tax (GST) in July fade.

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