Business

India's manufacturing sector bounces back from July's contraction

India's manufacturing sector bounces back from July's contraction

IHS Markit´s manufacturing PMI gauge reached a four-month high of 56.9 for August, an improvement on the 55.1 registered for July.

United Kingdom factories grew a lot more strongly than expected in August as work flowed in from home and overseas, a survey showed on Friday, suggesting the economy might be picking up speed after a slow first half of 2017.

Growth in Brazil's manufacturing sector accelerated to a three-month high in August on the heels of strong local and foreign demand, a private survey released on Friday showed, suggesting an economic recovery may be gaining speed.

The job market saw its thirteenth straight month of growth, with August marking the quickest rate of increase since June 2014. "Business conditions improved across the three main subsectors - consumer, intermediate and investment goods - and at smaller and large-scale producers alike", says Dobson.

The index is based on a 100-point scale on which numbers above 50 indicate expansion.

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Although August's mark is still above 50, "the decline in the PMI shows signs of a renewed stuttering of the manufacturing economy", said Chris Williamson, IHS Markit chief business economist. While the domestic market was the main driver, new export orders also gathered pace.

Nomura said GDP appears headed for a higher growth rate and should average 7.4 percent for the second half of 2017, as against 5.9 percent for the first half, as the economy recovers from the last nine months of disruptions.

On the price front, survey showed that input price inflation ticked up for the first time in six months.

While remaining elevated, United Kingdom inflation unexpectedly eased from 2.9% to 2.6% in July. The survey of more than 600 industrial companies found potential raw material and staff shortages could lie ahead, which would hit the pace of production in future and lead to higher costs.


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