India manufacturing PMI rises to 5 year high in December

02 January, 2018, 11:53 | Author: Gladys Mathis
  • Buildings in Beijing shrouded by smog. Wikimedia Commons

The manufacturing sector grew in December, setting a new record as business conditions improved at a record pace, a new survey showed.

The Caixin/Markit manufacturing Purchasing Managers' Index came in at 50.8 for last month - the lowest level in five months, Caixin and IHS Markit said in a.

A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

Demand from North American customers was particularly strong during December, the report found.

Among components, output, new orders and employment all recorded historically marked growth in December.

"The outlook is also reasonably bright, with over 50 percent of companies expecting production to be higher one year from now". The modest increase in output in December followed broadly unchanged production volumes in November.

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Boosted by hefty government infrastructure spending, a resilient property market and unexpected strength in exports, China's manufacturing and industrial firms have been a major driver behind solid economic growth this year, with their strong appetite for raw materials boosting global commodity prices.

December's business optimism improved to a nine-month high.

The figures showed that China's full-year 2017 economic growth would be at about 6.9 percent and around 6.5 percent for 2018, according to the China Federation of Logistics and Purchasing, which compiles the data.

"For the most part, the manufacturing sector remained stable in November, although some signs of weakness emerged", said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin. The manufacturing PMI is seen rising to 56.5 in December from 56.1 in November.

The official nonmanufacturing PMI, which covers the nation's services and construction sectors, rose to 55 in December from 54.8 in the previous month.

"Overall, 2017's economic performance continues to be steady and good, establishing a generally good foundation for 2018", the federation said.

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