Manufacturing barely manages growth in Oct, says PMI report

Manufacturing barely manages growth in Oct, says PMI report

Manufacturing barely manages growth in Oct, says PMI report

According to the survey, the level of production among Czech manufacturers increased in October at the fastest rate in four months.

IHS Markit's manufacturing sector PMI for October printed at 54.6 for October, versus a reading of 53.1 for September, marking a small upwards revision from the original estimate of 54.5.

"Although strong, there was a silver lining for manufacturing firms as inflationary pressures eased from the prior month", she added.

Indian factory activity barely expanded in October as new orders fell, a survey showed Wednesday, as price rises following the introduction of a goods and services tax dragged on the economy and underscored dim growth prospects over coming months.

She noted that the downturn was mainly driven by falling domestic and overseas demand for Malaysian goods, with new orders and new export orders declining at the fastest rates since July 2017 and December 2016 respectively. When the index is above 50, the sector is expanding. This marks the 15 consecutive month of growth for United Kingdom manufacturing and a welcome improvement on the previous month's performance.

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Growth is estimated to accelerate to 6.4 percent during the July-September quarter, followed by 7.1 percent and 7.7 percent over the last two quarters of the current fiscal year that ends in March, the Times of India quoted government sources as saying.

To support workloads, purchasing activity by manufacturers rose strongly in October, and input stocks increased at a joint-survey record pace. "There was further evidence of material shortage impacting the sector, leading to higher input costs and delivery delays", Andrew Harker, associate director at IHS Markit, said.

"Production volumes jumped higher on the back of a substantial improvement in order book inflows, in part due to supply chains returning to normal after the hurricanes but also reflecting a combination of strong underlying demand", IHS Markit Chief Business Economist Chris Williamson said. This was also reflected in the trend in vendor performance during September, as lead times lengthened to the greatest extent since April 2011.

Firms remained optimistic that output will rise over the coming 12 months, linked to predictions of improving market demand and meeting of company targets.

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