Philippines' manufacturing PMI slows to 52.8 in July

Javier Stokes
August 2, 2017

According to the PMI, any number above 50 indicates the sector is in "expansionary mode".

Manufacturing PMI measures the performance of the manufacturing sector and is derived from a survey of 400 manufacturing companies.

Not for the first time, China watchers got conflicting signals this week on the state of the world's second-largest economy: Two gauges of factory activity pointed in opposite directions, clouding whether the manufacturing sector is cycling up or down. The manufacturing purchasing managers' index published by China's National Bureau of Statistics dipped to 51.4 in July, the Financial Times reports.

However, foreign demand for India-manufactured goods improved in July as new export orders continued to rise.

The report said a fall in new orders due to underwhelming market demand was the primary cause behind lower sales.

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The PMI dropped to 47.9 in July, compared with 50.9 in June, the Markit survey said on Monday.

Prices rose 1.3 percent last month, official data showed on Monday, while unemployment in June dropped to its lowest level since 2009, confirming the economy's robust recovery and giving the European Central Bank more ground for tightening its monetary policy in the autumn. Yet, there appears more than enough momentum to reach Beijing's growth target of around 6.5 percent for the year. Business confidence was also a positive feature of the survey, hitting a 39-month high.

French manufacturing activity held close to a six-year high in July as political uncertainty dissipated after the presidential election, a survey showed on Tuesday. Companies' data should enforce confident in general expectations and to keep the economy on the right track towards stronger growth, while the key monthly decline would lead to uncertainty again. Regional data suggests continuing the underlying consistent tone, even with some evidences of slower growth in some surveys.

The official PMI samples 3,000 manufacturing enterprises in China. "The continuous ascent in prices suggests to us a longer industrial recovery", said Betty Rui Wang, ANZ's senior China economist.

"The slowdown in July PMIs is only temporary, and we may see a rebound in upcoming months".

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