China's manufacturing sector continues to improve

03 February, 2017, 00:52 | Author: Elaine Woods

Detailed within the report, the domestic market was a "prime" source of new business, whilst exports reported a modest increase.

As the manufacturing sector accounts for only around 10% of United Kingdom economic activity, the UK's growth outlook will nevertheless be primarily driven by the dominant services sector. Any measure above 50 indicates an expansion in activity in the manufacturing sector.

In the fourth largest economy of Asia, operating conditions worsened at faster pace, driven by quicker falls in both output and new orders while input prices increased at sharpest pace in nearly six years, IHS Markit said.

The latest Investec Manufacturing PMI Ireland shows the headline index was at 55.5 in January - that's down from 55.7 in December, but still well-above the 50 mark, which means that the sector is growing.

The Purchasing Managers Index (PMI) rose to 54.8 points in January, the highest score since March 2015, Markit said. The input price balance rose to 88.3, the highest on record, with prices charged also accelerating to 63.7, again one of the highest-ever readings.

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"The weak pound continued to have an inflationary impact on the United Kingdom construction sector in January", said Tim Moore, senior economist at IHS Markit.

"Additionally, construction companies' input costs are being pushed markedly higher by a sharply weakened pound".

"The Indian manufacturing economy recovered from the one-off downturn that hit the sector in December following the withdrawal of high-value banknotes", said Pollyanna De Lima, economist at IHS Markit. Manufacturers have responded with an increase in selling prices, which may in turn begin to drive consumer price inflation.

Manufacturing activity in China slowed slightly in January, official figures showed today, as the world's second largest economy shows continued signs of stabilising.

"Improving confidence among firms bodes well for the outlook, with the expansion in manufacturing output likely to pick up pace in coming months".

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