United Kingdom manufacturing factory growth hits 17 month low
03 May, 2018, 16:00 | Author: Salvatore Jensen
"The foundations of China's economy remain strong, with positive forecasts on growth", he concluded.
A third successive monthly fall in the headline PMI represents a clear turning point in growth since the start of the year and can not simply be attributed to first quarter's weather-related disruptions, Paul Smith, director at IHS Markit, said.
Malaysian manufacturing conditions deteriorated for the third successive month in April due to faster declines in output and new orders. But while domestic demand supported the rise in production, new orders from overseas fell for the fifth consecutive month in April.
The increase in new business was the first recorded by the survey so far in 2018.
"The slowdown reflects weaker demand at home and overseas; both the overall and new export orders balances dropped to 10-month lows in April", said Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics.
British manufacturing growth last month slid to a 17-month low, sending sterling sinking and further reducing the chances of an interest rate hike by the Bank of England (BoE) next week. In fact, the rate of expansion in purchasing activity quickened from March's eight-month low.
Reflecting sustained growth in production and new orders, Indian manufacturers were prompted to raise their purchasing activity for the sixth consecutive month in April.
This is the ninth consecutive month that the manufacturing PMI remained above the 50-point-mark. Post- production inventories have decreased in each of the past seven survey periods.
The reading for April was the weakest since March 2017.
Rob Dobson, Director at IHS Markit, which compiles the PMI survey said in the report: "the start of the second quarter saw the United Kingdom manufacturing sector lose further steam". On the price front, inflation rates for both input costs and output charges softened.
"While the current pace of growth remains solid, the trend in the surveys in coming months will provide important clues as to the degree to which underlying demand may be waning and the extent to which policymakers should be concerned about the health of the economy".
It also said that firms continued to shed staff, while inflationary pressures moderated sharply.
Aashna said on the bright side, business sentiment towards the 12-month outlook for output was at the strongest level since October 2013.
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