China Factory Activity Growth Accelerates On Output, Orders
02 January, 2018, 11:37 | Author: Lester Mason
Markit's Purchasing Managers' Index (PMI) of manufacturing companies stood at 55.8 in December, down from 56.1 in November and compared with a Reuters poll of 56.3.
"Despite reports of subdued demand conditions, firms raised their payroll numbers to meet production requirements", it said. "New export orders picked up", Orlik said. In fact, job creation accelerated to the strongest since August 2012, the survey said. As a effect, the sector observed a modest increase in pre-production inventories for the first-time since June.
China's manufacturing sector continued to expand in December, pointing to economic resilience in the country's factory sector.
"However, the level of business sentiment eased from November's 47-month high and remainedweaker than the series average", it said in a note today.
"Meanwhile, the Future Output Index signalled the strongest level of confidence in three months, with more than one-in-five survey participants forecasting higher production".
"We believe a moderate growth slowdown to be more visible in the first half of 2018, especially on the investment front, due mainly to the tight financial conditions and a cooldown of the property market", BofA Merrill Lynch economists said. This led to an increase in output price.
Turkish manufacturing activity expanded in December for the 10th consecutive month as increases in rates of new orders, hiring and output all remained robust, a business survey showed on Tuesday. "Anecdotal evidence pointed to stronger market demand from home and worldwide markets", said Aashna Dodhia, economist at IHS Markit, which compiles the survey.
However, the sector continues to face some turbulence as delayed customer payments contributed to greater volumes of outstanding work.
Costs of raw materials such as oil and steel rose while prices of materials from Chinese suppliers increased, leading to a sharp rise in input costs in December.
Moreover, as consumer spending recuperated, firms were restricted in their ability to pass on higher cost burdens to clients which further placed upward pressure on firms' margins.
Manufacturers' optimism about their business prospects over the next 12 months rebounded from November's record low, but remained well below the historical average, according to the Caixin survey.
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