PH production PMI still subdued in September: IHS Markit

Australia - Australian Industry Group Manufacturing PMI (September) 54.2 (prior 59.8)

"On balance, the continued solid progress of manufacturing and export growth is unlikely to offset concerns about a wider economic slowdown, but the upward march of price pressures will add to expectations that the Bank of England may soon decide that the inflation outlook warrants a rate hike", said Rob Dobson, Director at IHS Markit.

IHS Markit director Rob Dobson said: "Although it looks as if the sector made solid progress through the third quarter as a whole, the growth slowdown in September is a further sign that momentum is being lost across the broader United Kingdom economy".

Non-metallic mineral products (75.5 points) hit a new record high, reflecting the strength of demand for building-related products.

"Subdued growth of the Philippines manufacturing economy persisted at the end of the third quarter, as output expansion slowed further", the report read.

Higher new orders contributed to capacity pressures, as signalled by a further rise in backlogs of work.

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Although the latest gain in new orders was slower than the prior survey month, companies reported that demand remained solid in both domestic and overseas markets. Aw added, referring to the peso's persistent weakness against the greenback.

"Not only did the cheaper currency fail to provide a boost to exports, it raised the cost of imports", the report read.

Booming orders also drove up input prices, including for chemicals and metals, especially as manufacturers sought to stack up on raw materials. The latest ABS estimate of manufacturing output volumes indicated growth of 1.8% q/q in the June quarter of 2017, the strongest quarter of growth since June 2011. "There were also reports of rising cost inflation affecting production levels".

Guian Angelo S. Dumalagan, Land Bank of the Philippines market economist, noted that "o$3 ne thing surprising about the report though is that exports provided minimal boost to the overall manufacturing sector, despite depreciation of the peso and the general improvement in economic conditions overseas".

The survey showed that increase in client demand reversed the recent trend of weaker improvements in business conditions.

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