Factory PMI expands at fastest pace in 5 years in December

Source Ai Group

"Overall, 2017 has been a positive year for the sector with the average PMI reading the highest since the survey began in 2011".

At 54.7 in December, the Nikkei India Manufacturing Purchasing Managers Index (PMI) rose from 52.6 in November.

The manufacturing sector grew in December, setting a new record as business conditions improved at a record pace, a new survey showed.

Despite these additional resources and a slight uptick in stocks of finished goods, manufacturers' backlogs of work increased for an eighth successive month in December. Consequently, firms increased their selling prices notably.

Manufacturing activity has remained above the 50 mark separating growth from contraction since June 2013 when Ireland was approaching the end of a three-year global bailout programme.

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Investec said this was in spite of an easing in growth in New Export Orders, although overseas demand remained marked, particularly from North American customers. The pace of job creation was the strongest since September.

Despite the negative impact from the working day effect and lower inventory, December manufacturing PMI indicated that the Chinese economy continued to pick up strength, CICC said.

Finally, the Future Output Index signalled the strongest level of confidence in three months, with more than one-in-five survey participants forecasting higher production.

Stronger new order growth accelerated to the fastest since June 2008, driven by a further substantial increase in output and the employment rose at the sharpest pace in the survey's history. "Anecdotal evidence pointed to stronger market demand from home and worldwide markets".

"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", Dodhia said.


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