Strongest improvement in manufacturing conditions since December 2012: Nikkei India Manufacturing PMI

Strongest improvement in manufacturing conditions since December 2012: Nikkei India Manufacturing PMI

The Purchasing Managers' Index, or PMI, rose to 59.8 in December from 58.7 in November.

- Reuters picKUALA LUMPUR, Jan 2 ― Manufacturers ended the 2017 year stagnant as new orders contracted and output growth slowed from modest demand, December data compiled by Nikkei Malaysia Manufacturing Purchasing Managers Index (PMI) showed.

The World Bank last month raised its projection for China's gross domestic product (GDP) past year to 6.8%, up from its October estimate of 6.7%, citing support from strong exports and robust domestic household consumption. This was consistent with the strongest improvement in the health of the sector since December 2012.

New orders placed at Indian manufacturers rose for the second month in succession during December.

The country's manufacturing PMI has been in positive territory for 17 months in a row despite overall slower expansion this month.

"Interestingly, the wages component dipped in December, but at 60.2 it does point to the prospect of some pick-up in wages growth", Mr Oliver said.

Weather: Bitter cold New Year's Eve/ Day
Wind chill temperatures should drop between five and 15 degrees Sunday morning, and down to five below Monday morning. The coldest times will be each night and morning from sunset on New Year's Eve through midday Tuesday .

Job creation accelerated in December and was steep overall as firms made efforts to expand capacity.

The slowdown was reflected in the drop in buying activity in December, the sharpest decline since September.

Output expanded at the same pace as in August, matching the highest monthly rate of the year, with companies citing improved sales and stronger underlying market demand as key sources of economic growth.

The uptrend was driven by stronger market demand from home and worldwide markets, Dodhia added.

Smith said the PMI not only posted the highest reading ever recorded since the survey began in 1996, but its current 37-month sequence of improving business conditions also beat the previous record set in the runup to the financial crisis.

However, the sector continues to face some turbulence as delayed customer payments contributed to greater volumes of outstanding work. "As consumer spending recuperates, firms were restricted in their ability to pass on higher cost burdens to clients which further placed upward pressure on firms' margins". "This outlook was shared by the manufacturing community as sentiment picked-up to the strongest in three months amid expected improvements in market conditions over the next 12 months".

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