TapForMobile

Manufacturing activity reaches record high in December


Irish factory activity expanded at the fastest pace on record as 2017 drew to a close, as soaring output led manufacturers to take on staff at a record rate, a survey showed on Tuesday.

December's expansion was driven by a further uptick in new orders, which grew at the third-fastest rate in the survey's history and boosted jobs growth to record levels as the economy moves towards full employment.

A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

Chinese steelmakers in 28 cities have been ordered to curb output between mid-November and mid-March, while a campaign to promote cleaner energy by converting coal to natural gas has also hampered manufacturing activity in some cities, leading to shortages and sending prices spiking.

Production increased sharply on the back of a solid increase in new orders.

The World Bank last month raised its projection for China's gross domestic product (GDP) a year ago to 6.8%, up from its October estimate of 6.7%, citing support from strong exports and robust domestic household consumption.


China's GDP, a measure of economic growth, rose by 6.8% year-on-year from July to September, slowing from a 6.9% pace in the first and second quarters.

Commenting on the Nikkei India Manufacturing PMI data, Economist at IHS Markit, Aashna Dodhia, said: "The sector continues to face some turbulence as delayed customer payments contributed to greater volumes of outstanding work".

The Nikkei Malaysia Manufacturing PMI said business conditions in the Malaysian manufacturingsector broadly stagnated in December, following an improvement in November.

The Caixin manufacturing PMI for December compares with a decrease in the official PMI released by the National Bureau of Statistics (NBS) on Sunday.

"On the price front, input cost inflation remained sharp overall and continued to place pressure on firms' margins", it added.

The Caixin PMI focuses more on light industry, while heavy industry makes up a larger share of the NBS survey. This was consistent with the strongest improvement in the health of the sector since December 2012.

Related Articles

Comments