Tuesday, 21 November, 2017

United Kingdom manufacturing growth was stronger in October, says PMI survey

UK manufacturing makes positive start to final quarter despite rising price pressures India's manufacturing PMI eases at 50.3 in Oct'17
Heather Davidson | 02 November, 2017, 01:03

"Input prices increased to their highest level for 7 months as commodity prices rose and intense competition for raw materials also had a cost impact". As such, eyes will now be firmly fixed on the Bank of England's interest rate decision, with a hike likely to impact investment decisions in the United Kingdom, as well as have potential implications for overseas demand.

On the price front, input cost pressures rose to the fastest since May.

Official figures earlier this month indicated the United Kingdom industrial output expanded 0.8% with manufacturing output growth of around 1% for the third quarter, more than reversing the second quarter's contraction. Any reading above 50 indicates growth in the sector, while anything below represents contraction.

Dutch manufacturing output continued to grow in October, reaching a near record high on the back of new orders, strong exports and output, a survey showed on Wednesday. Behind the positive start to the final quarter of 2017 are strong domestic market conditions and increasing export business, with the sterling exchange rate likely to be the most significant contributory factor.

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.

United Kingdom manufacturing activity and input prices both increased more than expected in October, a survey revealed on Wednesday, which was felt likely to increase the Bank of England's confidence about raising interest rates and its concerns about inflation. Over 50% of the manufacturers surveyed expected higher output in the coming year, with only eight per cent expecting this to fall.

Output rose only fractionally in October, while both purchasing activity and pre-production inventories decreased. That said, their ability to fully pass on higher input costs was restricted due to competitive conditions. Furthermore, overseas demand for Indian goods dipped to the greatest extent since September 2013.

"India's manufacturing companies struggled somewhat as the recent recovery enjoyed by the sector lost impetus in October", Aashna Dodhia, economist, IHS Markit, and the report's author, wrote.

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