Operating conditions for manufacturing best in 5 years during December: Nikkei PMI

02 January, 2018, 11:17 | Author: Brian Mcdaniel
  • Buildings in Beijing shrouded by smog. Wikimedia Commons

Spain's manufacturing activity growth moderated from a near 11-year high in December, survey data from IHS Markit showed 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.

The result was lower than a preliminary reading of 59.3 percent but was still well above the 50-point line dividing expansions in activity from contractions.

The index in December is on par with the annual average, pointing to a strong resilience in China's growth, according to NBS senior statistician Zhao Qinghe. The increase was driven by stronger new order growth and the fastest rise in employment in the sector since the survey began in 1998.

"The sector, therefore, looks primed for further growth as we move into 2018, especially given a another marked accumulation of unfinished work and the highest degree of business confidence on record", he added. Members of the survey team said late delivery was mainly due to the shortage of raw materials.

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Businesses would remain positive in terms of output over the next 12 months.

The Spanish economy grew 0.8 per cent in the fourth quarter from a quarter earlier, The Bank of Spain said on December 27, pointing to 2017 growth of more than 3 per cent.

The survey's authors said a number of respondents signalled that they were receiving higher new orders from customers in North America.

Output expanded at the same pace as in August, matching the highest monthly rate of the year, with companies citing improved sales and stronger underlying market demand as key sources of economic growth. In turn, new export orders rose at the quickest pace since June.

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