India's manufacturing PMI eases at 50.3 in Oct'17

02 November, 2017, 01:04 | Author: Franklin Nunez
  • India's manufacturing activity loses steam in October on GST bite

In response to subdued demand conditions and spare operating capacity, firms decreased their payroll numbers at the fastest pace since August 2016.

Further reports also suggest that growth activity is expected to increase gradually to 7.4 percent by 2020, driven by a recovery in private investments which continues to face several domestic hurdles like corporate debt, regulatory and policy challenges and the risk of an imminent increase in United States interest rates.

The Nikkei manufacturing Purchasing Managers' Index, or PMI, dropped to 50.3 in October from 51.2 in September.

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Firms also saw rising price pressures - further adding to the ammunition for hawks on the Bank's rate-setting Monetary Policy Committee (MPC) as they seek to keep a lid on inflation.

Stephen Cooper, Head of industrial manufacturing at KPMG, said: "The UK's manufacturing industry remains resilient, with the latest figures marking 15 consecutive months of expansion".

However, production rose at a solid clip thanks to an otherwise broad based expansion of sub-categories in the manufacturing sector including intermediate and investment goods producers.

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However, there were continued inflationary pressures in both input and output prices, with both reported to be rising at faster than historical average rates. New export order growth, meanwhile, accelerated and was the strongest in six months.

Britain's factories enjoyed better-than-expected growth last month, cementing expectations that the Bank of England will deliver the first interest rate hike in a decade.

To support workloads, purchasing activity by manufacturers rose strongly in October, and input stocks increased at a joint-survey record pace. As a result, manufacturers increased their output charges to pass on higher cost burdens to clients. Any reading above 50 indicates growth in the sector, while anything below represents contraction.

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"Production volumes jumped higher on the back of a substantial improvement in order book inflows, in part due to supply chains returning to normal after the hurricanes but also reflecting a combination of strong underlying demand", IHS Markit Chief Business Economist Chris Williamson said. "Further, overseas demand for Indian goods dipped to the greatest extent since September 2013".

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