India's manufacturing sector growth falls to 5-month low in March
India's manufacturing sector growth falls to 5-month low in March
Singapore's manufacturing PMI rebounds to 53 in March
04 April, 2018, 02:10
The composite indicator of manufacturing performance increased to 51 in March 2018 from 52.1 reported for February.
The March's reading signalled a modest improvement in the health of the sector, which was the weakest since November previous year. Comments from the panel reflect continued expanding business strength.
SIPMM noted that the higher PMI reading was broad-based across most manufacturing sectors, indicating the resilience of the sectors.
Output growth picked up, although this was offset by slower increases in both new orders and employment, data showed. The new orders index of 54.9 was also the highest reading since December 2009 when the reading was 56.5. The rise in overall new orders was supported by a faster increase in new business from overseas, the most marked since last October.
"(So).even a significantly softer release today would be unlikely to call into question the May rate hike that markets remain nearly fully priced for".
"Input cost inflation intensified to the sharpest since October 2015, predominantly driven by higher raw material costs stemming from currency weakness relative to the U.S. dollar".
After remaining positive for the eight consecutive months, manufacturing sector activity in India declined in March to a low of five months, as the fresh business orders grew at a slower pace, and companies showed reluctance for recruitment, according to a private survey. "PMI data suggests that any improvements in demand stemmed from domestic markets, while sales in global markets reportedly fell due to uncompetitive prices".
In February, factories had raised prices at their fastest pace in almost seven years. "It looks, therefore, that inflationary pressures may have peaked around the turn of the year", Harker said. "The main concern at present is overstretched supply chains, as highlighted by another steep lengthening of delivery times for raw materials and semi-manufactured inputs".
On this background, the spending has risen at the fastest pace since last October, driven by higher commodity prices.
A new Commerce Department report on US construction spending showed it increased just 0.1% in February from January's revised level. Also, due to spare operating capacity, firms reduced their payroll numbers for the first time in eight months, albeit at a fractional pace.
In Turkey, manufacturing output and new orders have increased, and so have cost burdens.
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