China's manufacturing sector to continue expanding in 2018

Javier Stokes
January 2, 2018

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.

The headline Nikkei Malaysia (PMI) ― a composite single-figure indicator of manufacturing performance ― fell from 52.0 in November to 49.9 in December, signalling a broad stagnation in the goods-producing economy following the strongest growth in over three and-a-half years in the previous month, the report noted.

Readings above 50 signal an expansion while readings below 50 signal a contraction.

Panelists reported higher demand from both home and overseas, with growth of new export orders at a near seven-year high. The survey's authors said a number of respondents signalled that they were receiving higher new orders from customers in North America.

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Resulting from improved demand conditions, Indian manufacturers upped their staffing levels at the end of the year. "Anecdotal evidence pointed to stronger market demand from home and global markets", said Aashna Dodhia, economist at IHS Markit, which compiles the survey. In fact, job creation accelerated to the strongest since August 2012, the survey said.

This is also the highest PMI in the last three months of October, November and December.

"Given the strong conditions evident in the manufacturing sector, it is no surprise to see that firms are upbeat about the outlook, with more than six times as many companies expecting to see growth in 2018 as opposed to those who anticipate a decline", said Investec Ireland chief economist Philip O'Sullivan.

Inflation also remained sharp overall and continued to place pressure on firms' margins despite easing in November.

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