December PMI signals strongest manufacturing growth in U.S. since March 2015

13 January, 2018, 01:38 | Author: Barbara Daniel
  • Michael Ochs Archives  Getty Images

The eurzone figure contrasts to the picture in the United Kingdom, where IHS Markit's Composite PMI on Thursday came in at 54.9, implying overall GDP growth for the United Kingdom in the final quarter of 2017 of between 0.4 and 0.5 per cent. In Germany, the region's largest economy, this "poses a risk to the sector's ability to kick on".

Howard Archer, EY Item Club's chief economic adviser, said: "Construction output contracted in both the third and second quarters of 2017, and there is a very real chance that a further drop in output occurred in the fourth quarter".

The Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose to 54.7 in December from 52.6 in November, the reading was slightly stronger than the average 54.0 recorded since the inception of the survey in March 2005. "But the near-record incidences of supply-chain delays seen toward the end of 2017 indicate that pricing power is shifting from the buyer to the seller, suggesting upward price pressures are gradually returning".

"Rates of expansion improved in the USA and Japan, but eased in the UK".

Input costs remain elevated across a number of economies, partly reflecting higher raw material prices. The index has held above the 50 line separating growth from contraction for 50 months running.

Greater production requirements also impacted purchasing activity which increased at the fastest pace since February.

Any score of above 50 indicates growth.

Auto manufacturers are among those who have ramped up supply or felt the pressure of demand. "This expansion was mainly driven by manufacturing companies, with output growth here the sharpest since December 2012", Dodhia added.

"The French market has grown 5 percent on average over five years, " he said.

Like the headline index, the internals of the December report were rock solid. According to the survey, new orders stabilised in December while job creation was the fastest since September.

Overall, the PMI survey indicates that the United Kingdom grew at a pretty steady pace at the end of past year....

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