Thursday, 19 July, 2018

China's PMI slightly down in April

Pound coins and notes GETTYThe pound has also struggled regarding metal tariffs planned by the US
Kenneth Drake | 03 May, 2018, 16:00

The outgoing government of caretaker Prime Minister Paolo Gentiloni forecasts economic growth of 1.5 percent in 2018, in line with last year's rate which was the strongest since 2010.

India's manufacturing sector activity improved marginally in April, driven by rise in new business orders amid favourable demand conditions, amid easing inflationary pressures, says a monthly survey.

The long and short of the ISM reading is that new orders, production and employment are all still growing, at a time that supplier deliveries are slowing at faster rate and while order backlogs are growing. New order inflows rose at a solid and faster clip, prompting firms to recruit new staff and expand production. The IHS Markit U.S. Manufacturing PMI report came out first, but the ISM Report on Business has tended to be more widely followed by investors and economists.

In particular, output and new orders declined at an accelerated pace during the month, reflecting lackluster demand from both domestic and worldwide markets on the back of ebbing economic growth.

Managers' Index picked up sharply from the 20-month low seen in March (47.0). The strongest expansions were registered in the Netherlands, Austria and Germany, and the weakest in Spain. Bloomberg's PMI consensus estimate was 56.5 and Dow Jones was also calling for 56.5 for April.


The report also showed that at 58.6 points, the production level index for the manufacturing sector grew- albeit at a slower pace when compared to its level in the preceding month- for the 14th consecutive month in April 2018.

Cai Jin, Vice President of China Federation of Logistics and Purchasing (CFLP), said that the index figures for non-manufacturing industries has remained stable at 54-percent for eight consecutive months, indicating that China's domestic demand has gradually solidified as the Chinese economy becomes more service-oriented.

Part of the increase in purchase prices was passed on to clients in the form of higher output charges in April.

On the price front, input price inflation softened in April, while firms raised their selling prices at an accelerated pace.

Aashna said on the bright side, business sentiment towards the 12-month outlook for output was at the strongest level since October 2013.

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