Published: Sun, December 03, 2017
Markets | By Erika Turner

China manufacturing growth accelerates in November

China manufacturing growth accelerates in November

The country's manufacturing purchasing managers' index (PMI) came in at 51.8, up from 51.6 in October, according to the National Bureau of Statistics (NBS).

Markit says that manufacturing production expanded at the fastest pace since September 2016 and to one of the greatest extents during the past four years. The increase in new export orders picked up last month from October while overall new business rose at an even faster pace, suggesting domestic demand was also resilient, according to the survey. Forecasts of additional economic improvements, new client wins and product diversification stimulated sentiment towards the year-ahead outlook for production.

The latest PMI report revealed an increase in inflationary pressures on the sector driven by exchange rates.

The expansion remained broad-based by subsector too.

Factories are increasing production at their fastest rate in four years to handle a surge in new orders at home and overseas, leading to the sharpest rise in hiring since 2014.

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Commenting on the Indian Manufacturing PMI survey data, Aashna Dodhia, economist at IHS Markit and the author of the report, said that manufacturing economy advanced on its path to recovery as disruptions from the recent tax reform (GST) continued to diminish.

"The breadth of the rebound is also positive, with growth strengthening across the consumer, intermediate and investment goods industries".

Output and new orders both rose only modestly leading to a fall in employment and a reduction in business confidence.

Higher materials costs saw input prices jump to the highest level since April 2014 at 65.3 from 62.6, but firms passed some of that on to their clients with factory gate prices rising to 55.6 from 54.6.

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