Markets

PH production PMI still subdued in September: IHS Markit

PH production PMI still subdued in September: IHS Markit”

The British pound weakened against other major currencies in the European session on Monday after data showed that the United Kingdom manufacturing sector continued to expand in September, albeit at a slower pace compared to August.

While the survey showed that manufacturing had grown for the 14th successive month, the reading undershot economists' forecasts of 56.4.

The overall US economy expanded at a 3.1 percent annual pace from April through June, fastest rate in more than two years.

According to IHS Markit, order book gains continued to underwhelm despite growth in exports, which weigh on hiring.

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After reaching a 15-year high in August, the Australian Industry Group's (Ai) Australian Performance of Manufacturing Index fell by 5.6 points to 54.2 points in September. "New export business also increased further, though at a slower rate than that for total new orders", it added.

"By assessing and working to manage the currency risks posed by these key market influences, manufacturers can plan for rising costs and take steps to minimise their impact on the business".

"Firms felt some respite around inflationary pressures, as input cost inflation slowed to the weakest since December 2016, alleviating some doubts that the recent interest rate cut would intensify inflation. There were also reports of rising cost inflation affecting production levels". The increase in input costs was the strongest since May 2011.

Guian Angelo S. Dumalagan, Land Bank of the Philippines market economist, noted that "o$3 ne thing surprising about the report though is that exports provided minimal boost to the overall manufacturing sector, despite depreciation of the peso and the general improvement in economic conditions overseas". Factories, he said, "are really struggling to meet demand".

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Higher new orders contributed to capacity pressures, as signalled by a further rise in backlogs of work.

Survey data showed that a majority of respondents expected production to increase in the next 12 months on the back of new product launches, an improving economic climate, marketing activity and business expansion.

However, business optimism remains up and encouraged companies to step up purchasing activity in view of future higher sales.

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