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Operating conditions for manufacturing best in 5 years during December: Nikkei PMI

02 January 2018, 11:52 | Gordon Grant

Operating conditions for manufacturing best in 5 years during December: Nikkei PMI

Operating conditions for manufacturing best in 5 years during December: Nikkei PMI

It was a positive end for the Vietnamese manufacturing sector in 2017 with the Manufacturing Purchasing Managers' Index (PMI) rising to 52.5 in December from November's 51.4, according to the latest survey from Nikkei's IHS Markit that released on Tuesday.

The performance was driven by a growth in new orders, with December's level of production the strongest in the current 17 month sequence of growth, and third-fastest in the Investec Manufacturing PMI Ireland surveys history.

The manufacturing sector employed less people as the sub-index of employment dropped 0.3 percentage points month on month to 48.5 in December.

Ireland's economy is nearly certain to have been the strongest performer in Europe for the fourth straight year, while unemployment has been on a steady downtrend since 2011.

This year has been strong, with the average PMI the best since 2006, Harker said. The survey's authors said a number of respondents signalled that they were receiving higher new orders from customers in North America.

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Ai Group chief executive Innes Willox said the expansion added momentum to a year marked by higher energy prices and the shutdown of Holden and Toyota vehicle production in Australia. In turn, new export orders rose at the quickest pace since June.

"Manufacturers will be looking to the new year for the progress on the National Energy Guarantee and other measures to put downward pressure on business costs", Mr Willox said. In fact, job creation accelerated to the strongest since August 2012, the survey said.

Overall business confidence rose and reached an eight-month high.

"(British manufacturing) broadly maintained its solid boost to broader economic expansion in the fourth quarter", said Rob Dobson, director at PMI compiler IHS Markit.

Higher prices for raw materials such as steel and other metals pushed up input costs in December, and this in turn led to another push up in prices charged by manufacturers, the data showed. "This outlook was shared by the manufacturing community as sentiment picked up to the strongest in three months amid expected improvement in market conditions over the next 12 months", Dodhia added.



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