Solid domestic demand boosts Philippine manufacturing in November

02 December, 2017, 01:09 | Author: Gladys Mathis
  • Manufacturing output rises in November

China's official manufacturing purchasing managers index (PMI) came in at 51.8 in November, accelerating from 51.6 in the previous month, according to the National Bureau of Statistics (NBS), which released the data jointly with government-linked industry group the China Federation of Logistics and Purchasing.

"New orders, exports and employment all rose at rates close to the fastest ever recorded by the survey, to underline what is an extraordinary spell for goods producers and the labour market alike", Smith added. PMI readings in Germany, the Netherlands, Austria and Ireland are at or near to record highs and the upswing was broad based across the Eurozone, with all countries surveyed reporting expansion for the sixth straight month.

Anecdotal evidence suggested that strong economic conditions, promotional activities and greater client demand had continued to sustain order book growth.

Growth in new export orders also recovered after slowing for four months, while factories hired staff at the fastest pace since June 2014.

Additional manpower enabled companies to adjust to increased workloads, resulting in a further decline in backlogs.

Factories also stepped up purchasing activity to meet current and future demand, with the rise in buying levels the highest since December past year.

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There were signs, however, that inflationary pressures remained strong.

Input prices rose the most in nine months.

"Manufacturers have seen supply-chain constraints and rising demand for raw materials overtake exchange rate effects as the primary motivator of price increases", Mr Dobson said.

To protect profit margins, firms raised selling prices to pass on higher costs to their customers.

"A major driver of higher output has been solid domestic demand", said Bernard Aw, principal economist at IHS Markit, which compiles the survey.

"The PMI suggests the strong growth momentum in the Filipino economy has some way to go", Aw said.

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