China's manufacturing activity expands slower in December

by Antonio Miles January 2, 2018, 11:16
China's manufacturing activity expands slower in December

Both new export orders and overall new business received by manufacturers increased at the quickest clip in four months, according to the survey, which is sponsored by Caixin and compiled by global information and data analytics provider IHS Markit Ltd.

"Recent PMI surveys show companies are confident for economic development in the new year, with production and operating activity expectation indices showing significant improvement".

The moderate decline in headline PMI was mainly attributable to the lower inventory, while production growth remained solid despite the "unfavorable working day effect", as there were two fewer working days in December 2017 compared with past year, said a CICC research report. It was the first slowdown in growth since early 2016.

According to data compiled by Nikkei Malaysia Manufacturing Purchasing Managers Index, manufacturers ended the 2017 year stagnant. The pace of job creation was the strongest since September. As a outcome, the sector observed a modest increase in pre-production inventories for the first-time since June. Furthermore, input cost inflation accelerated to the strongest since April and was sharp overall.

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"However, the level of business sentiment eased from November's 47-month high and remainedweaker than the series average", it said in a note today. This led to a steep increase in output, with production rising for a 17th month. Members of the survey team said late delivery was mainly due to the shortage of raw materials.

However, the sector continues to face some turbulence as delayed customer payments contributed to greater volumes of outstanding work.

Moreover, as consumer spending recuperated, firms were restricted in their ability to pass on higher cost burdens to clients which further placed upward pressure on firms' margins. Nonetheless, business conditions strengthened in each of the past 49 months.


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